Credit Repair + Debt Elimination = 800+ FICO® Score Credit Report

FICO® Credit Score | Credit Report | Credit Rating | Missing Car Payments

Missing your car payments can create all sorts of credit problems in many different areas. As most of us rely on a car to get us to work, it is essential to make sure you have enough money set aside to make the payments and if your budget shows that this is placing too much of a strain on your finances then you might need to downgrade to a vehicle that is more affordable. Your FICO® score on your credit report also depends on it.

Finance companies are legally entitled to repossess your car without getting a court order if you miss your payments, and they can do so without warning. When this happens, the repossession will be noted on your credit records and will remain there for the next seven and a half years so this is one area of your spending where you will need to make the appropriate decisions in advance to keep your credit rating intact.

Once your car has been repossessed the finance company will generally advertise it for auction to help recover the outstanding amount of the loan.

Unfortunately for you, the problem of your debt doesn’t stop there. If the vehicle is sold for less than the amount you still, plus the costs involved in repossession and selling the vehicle, then you will be liable to repay that deficit to the finance company.

So you will have lost the use of your car which will impact on your ability to get to work and earn a living and you are still lumbered with the debt that will need to be repaid to the finance company. Your FICO® score on your credit report will also decline with this unpaid debt.

If you are struggling to make the payments, it is better to contact the finance company in advance of any action to see whether you can refinance the vehicle over a longer period where the repayments will be a little less and more manageable.

They might also give you the opportunity to pay off any outstanding debt by coming to a suitable arrangement. This could give you enough time to sell the vehicle paying off the loan and finding a vehicle that is more suitable for your current financial position.

Bottom Line - Do not neglect those car payments, your FICO® credit score, credit report, and your credit rating depend on it.

Dr. Robert Miller, PHD
Investigations Analyst
www.TheCreditRobbers.com

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Credit Repair + Debt Elimination = 800+ FICO® Score Credit Report

Ignoring Your Debts Will Make Your FICO® Credit Score and Credit Rating Free Fall.

Ignoring your debts won’t make them go away.

As much as you would like to think of something else, the fact remains that you cannot address the situation without facing it.

If you put your head in the sand, then someone is going to come along sooner rather than later and give you a big kick in the butt and it’s going to hurt because you won’t see it coming.

That kick will come from a creditor who you have failed to contact, in order to work out an arrangement for payment of an outstanding debt or possibly even the bank with a notification of a pending foreclosure on your house.

You might find yourself getting a notice of eviction simply because you didn’t contact your landlord to make a payment arrangement while you get your finances sorted out with multiple debt solutions.

You need to face the facts that you have a problem and then set yourself goals to resolving the problem. Problems that are left unattended, will usually present themselves as bigger problems in the near future, so today is the day that you need to start looking at your debts and debt elimination.

Taking action now can result in savings of interest and late payment fees, not to mention stabilizing or maintaining your FICO® score. People who have money generally pay less than those who don’t because they are able to pay debt on time and don’t have to fund the additional expense of late payments in one form or another.

There is one thing that is certain and that is the fact that people who owe money might forget what they owe but those who are owed always know how much is due, so even if you might prefer to forget the debt, rest assured that your creditors won’t.

Also - more often than not, a creditor will adopt a far more positive attitude towards you if you explain the situation you are in and let them know that you are currently working towards debt elimination and full and final payment of the debt as soon as possible.

Communication can do wonders for your debt reduction program, not to mention your FICO® credit score, your credit rating, and your credit report.

Dr. Robert Miller, PHD
Investigations Analyst
www.TheCreditRobbers.com

Contact Us: Send a FormMail Message

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