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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11641
Experience:  JD, MBA
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I have question about the impact on my credit if I volunteer

Resolved Question:

I have question about the impact on my credit if I volunteer to have my RV recovered. I will have to pay the difference between what it sells for and what I owe. What impact will have them on my credit. I currently have several credit cards that I have settled below the balance. I am wondering if the rv recovery will be the same impact on my credit.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.

Hello and thank you for allowing me the opportunity to assist you.

The impact to your actual score is impossible to say because it depends on your entire credit history. Everything is interrelated. So, the same situation with the RV may impact another person’s credit score to a greater or lesser extent than you depending on their own situations.

However, I can say that the lender will likely enter the situation as a repossession on your credit report, and therefore, your score will probably suffer somewhat significantly. After the repossession, it will probably be difficult to get another loan for a few years … at least a loan with a reasonable interest rate.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided is helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

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