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    judy584's Avatar
    judy584 Posts: 1, Reputation: 1
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    #1

    Jan 14, 2009, 09:06 PM
    Defaulting on a bank loan
    7 years ago my boyfriend and I bought a boat. Quite expensive one, $32,000.00. We have been making payments of $339.00 a month. We owe $17,000.00 as of right now. The boat has not been started in five years because we both are disabled. Can we get out of the loan without ruining our credit? The loan is just in my name. I am over 60 now and my boyfriend is in his fifties. The payment is really a hardship on us.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 14, 2009, 09:09 PM

    You will have to sell it and pay the loan off. There really is no other option.
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