You’ve been granted free access to this subscribers only article.
Healing the wounds
Financial Straight-TalkJune 20, 2012 | 1,168 views | Post a comment
Recently, I discovered that my wife secretly kept and used credit cards over the last several years. I also found out there are two liens on our home from some of this debt. She was hiding the mail from me so I wouldn’t find out. I’m angry about the dishonesty, but I want us to get the debt cleaned up. What do you suggest?
This debt and the liens are a symptom. What we’re looking at here is a repeated pattern of lying and deception. Anyone can become scared or ashamed and make a mistake, but this has happened several times. It’s called financial infidelity for a reason. Really, it’s the same kind of lying as sexual infidelity. It hurts and makes people angry on a lot of the same levels, and that’s because it’s a broken trust.
Assuming that you guys can talk things out and heal this rift in your marriage, you’re going to have to contact these credit card companies and try to settle the debts. You guys aren’t bringing home a lot, so you need to start scratching together every nickel and dime you can and make an offer to erase these debts. That will also remove the liens on your home. Many times creditors will settle a debt for pennies on the dollar. If you’re lucky, you may be able to get them to accept about 25 percent of the amount owed.
But I think you’ve got a much bigger problem here. You guys have some serious issues that need to be resolved. I’d advise going to your pastor, if you’re in a good church, or finding a reputable marriage counselor. Your wife needs to understand, loud and clear, that this kind of crap has to stop immediately!
What happens to a vehicle if the co-signer on the loan files bankruptcy?
First, it means that only the co-signer has gone bad. The car is still in your name, and the loan is still in your name. If you were to notify the bank of this, and that you’d be keeping the car and still making the payments on time, then you shouldn’t have a problem. It also wouldn’t affect your credit score. Just because you partnered with someone who failed with money doesn’t mean you’re going to do the same thing.
There is one thing to keep in mind, though. It may show up on your credit bureau report that the loan has gone into bankruptcy. It shouldn’t indicate that you have gone into bankruptcy, just the loan. That much is true, since your co-signer filed bankruptcy. Still, this shouldn’t damage your credit score.
If it does, just stay on top of things, and report what has happened to the credit bureau. Your credit score should not be affected by something you didn’t do, as long as the loan involved is paid on a timely basis.
Dave Ramsey is a best-selling author of The Total Money Makeover and the nationally syndicated host of “The Dave Ramsey Show,” which airs locally on radio station 550 KTSA. View column archives at www.daveramsey.org. Questioners’ identities have not been verified by the Dave $ays column or this newspaper.
Your Opinions and Comments
Be the first to comment on this story!
You must be logged in to post a comment.
Section A: General News Archives
AACOG plans public meeting (May 4, 2016)
Accident injures two drivers (May 4, 2016)
AgriLife offers tips to protect from Zika, other mosquito-borne diseases (May 4, 2016)
Behind the lens: Solitary stillness (May 4, 2016)
Celebration Mass June 12 (May 4, 2016)
Cemetery association meeting (May 4, 2016)
Condos are fine, but do your research (May 4, 2016)
Court Update (May 4, 2016)
Crime Stoppers aids police anonymously (May 4, 2016)
DA, DPS bust nets 86 charges (May 4, 2016)
Debate over Robert’s Rules dominates Floresville council (May 4, 2016)
Dwellings At Home offers lodge, ranch furnishings, more (May 4, 2016)
Editorial: Overbearing city council threatens boards’ independence (May 4, 2016)
Editorial: Taking personal responsibility will bring possibilities (May 4, 2016)
Editorial: Trump is the same old song with one more verse (May 4, 2016)
FEDC tables recommendation of master parks plan (May 4, 2016)
FELPS tornado repair continues as FEMA help stalls (May 4, 2016)
Floresville Chamber Luncheon May 18 (May 4, 2016)
Hall of Fame inductees: Joe Kotwig, Malcolm and Beverly Talley (May 4, 2016)
Letter: Alamo Colleges: A bust for Floresville (May 4, 2016)
Local nursing homes plan Senior Olympics May 9-13 (May 4, 2016)
Look twice for motorcycle riders (May 4, 2016)
Lyssy’s vault earns gold, sets records! (May 4, 2016)
Medicaid, CHIP application assistance (May 4, 2016)
Meeting Watch: Wilson County Commissioners Court (May 4, 2016)
National Day of Prayer May 5 (May 4, 2016)
Police Blotter (May 4, 2016)
Ramirez promoted to colonel (May 4, 2016)
Reserve a seat for SA Tea Party (May 4, 2016)
Tanneberger tops in sales (May 4, 2016)
Treviño prepares to take reins of East Central athletics (May 4, 2016)