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Chadl0420 · Jun 18, 2008, 03:46 PM

I used to bank with Royal and they gave me a $500 overdraft. One day I checked my acct and it was @ -$800 somehow. I called them many times to find out why the additional 300 was withdrawn, but got nowhere. So I was young and dumb and just stopped using my acct without closing it. Now the bill is over $2000 due to interest. I have been trying to talk with the credit company and negotiate a settlement, but they also need an answer from Royal, who can only provide some kind of code #. Anyway, because of this bad credit situation I had to finance my $8000 car @ 30% interest for 5 yrs. :eek: Not good! So now I'm looking for a company that will lend me enough to pay off my car and help me clear up my credit problems. Does anyone know of a company that will do this sort of thing? Please Help!

ChihuahuaMomma · Jun 18, 2008, 03:49 PM

Was it one $500 transaction, or a bunch equalling $500, because each overdrawn transaction has an attached overdraft fee set by the bank, and that would account for the extra $300. And yes, these things need to be taken seriously.

I think going around your town to banks, and credit unions, and loaners would be the best bet. Apply for loan with them. That is how I'm building my credit back.

progunr · Jun 18, 2008, 03:50 PM

You're looking for a company, that will loan you money, to pay back to the company that loaned you money, that you never paid back?

Let me know when you find them, I'm sure they could use a good collector.

ChihuahuaMomma · Jun 18, 2008, 03:52 PM

Honestly, Chad, I think your best bet, is to sell the car you are paying far too much for. Buy an older used model, get a second job and set up payment plans with the people you owe money to.

Chadl0420 · Jun 18, 2008, 04:04 PM

Chihuahua Momma - Yeah I was definitely aware of the overdraft fees and there's no way they would have added up to $300. It seems that some company was able to get into my acct and take a large payment from money I didn't have. Who knows what I could have signed in the past, and the Royal bank was completely usless in explaining things to me. I really feel that it was there responsibility to explain where this payment came from, but they knew as much as I did... NOTHING.

progunr - I'm sure by your quick response that this is not your first time on this site. And in that case, I'm sure you have read many question regarding the same situation. That's how bad credit happens, with an original Loaner. For your age I would assume you have heard of loan consolidations, right? If you have something useful to say, then by all means. If not, then I think you should keep your criticism to yourself. I'm not a bad person, I just made a mistake (like everyone else on this site haha) and now I'm trying to fix it. Thanks

ChihuahuaMomma · Jun 18, 2008, 04:10 PM

There is definitely a way that overdraft fees could add up to $300. If your account was garnished for another debt then you should be seeking that out as well.

You should go to Free Credit Report - AnnualFreeCreditReport.com and get a copy of all three of your credit reports and get in contact with them, and set up payment plans with them all. Small payment plans with help. And it will stop the interest (in most cases).

And YOU should know what you sign. You should ALWAYS keep track of that stuff. You should invest in a planner book. Write EVERYTHING down in it.

Your car will be next on this list... You are being ripped off on that. Like I suggested earlier, I would get a car that you can pay for with cash or at least two or three payments and it's paid off.

The bank doesn't have to explain things to you, that's what your bank statement is for, and you should be keeping track of your own money, that's not their responsibility.

Chadl0420 · Jun 18, 2008, 04:13 PM

I would love to sell my car and just buy something without financing it. Maybe something cheaper in the auto trader. But I'm financed so I can't sell it yet. Not for 5 yrs. And the first 2 yrs I'm basically paying interest. Also, I have been working 2 jobs since January (when I bought the car) and I think I'll be stuck with both of them for a couples yrs now. I am honestly working my max hrs @ 125 hrs every 2 weeks. There must be a company out there that handles this sort of thing. Like a Consolidater who will pay off my bad credit and just give me a loan with one monthly payment. Then I could go right into that car company & pay off my car so the interest wouldn't be so bad. Thanks for all your help Chihuahua Momma!

ChihuahuaMomma · Jun 18, 2008, 04:15 PM

Give it back then. And you are welcome.

Chadl0420 · Jun 18, 2008, 04:26 PM

Well is that even possible? I don't think I can go back to the dealership and so "no thanks" after having it for 6 months, but I'm definitely going to look into the options. And, I have contacted Equifax and Transunion and received a credit report from both. I know what's on it, I'm aware of everything that needs to be paid off. They all make sense except for this 300. And regardless of what I signed when I was young and dumb, I still think the bank should be able to tell me @ least a company name or something. The statements I received has nothing but a code that Royal bank can't seem to attach a name too. I just keep getting the run around. I am working on the things that I know I owe. I just paid of an old telus bill that went to collectors that I wasn't even aware of until I got this credit report (not to mention I've had a cell phone with telus for yrs and never heard anything about it - but I guess it was from a home phone and that's seperate). And if you seen my agenda you would laugh - its exploding! Lol I was young and crazy, signing whatever and running around the province like a mad man - and now I'm paying for it. But so was everyone else I know so there must be away out of this dissaster...

ChihuahuaMomma · Jun 18, 2008, 04:30 PM

You can sell it back to the dealership. Tell them you can no longer afford it. And you are forgetting one credit bureau, Experian. There could be something on there that's not on the other two. I would check that one out too... trust me, it happened to me.

Chadl0420 · Jun 18, 2008, 04:47 PM

Experian?
I don't understand why none of these credit companys don't try to contact people. I'm not hard to find! Lol I was just your typical irresponsible 18 yr old, and now I have a huge mess to clean up. And about the car, I think they are one step ahead of me. The guy that sold it to me called me and said I was due for an oil change. Since I had warranty up to 115,000.00 kms I was sure I was covered. So I dropped it off and when I came back they gave me a $200 bill! I was like no I'm covered, and he said It's only a power train warranty. Plus he said I need to go see an autobody about some little dent in the bumper from my driveway. He claims my AC motor was pushed into my Rad. My Dad looked and said its bull. So even if I do bring it back, they will say its damaged and Buy it back for WAY less than in January. How does it work with the extra amount owing?

ChihuahuaMomma · Jun 18, 2008, 04:51 PM

Yes, there are three credit reporting bureaus. Experian, Equifax, and TransUnion.

progunr · Jun 19, 2008, 07:48 AM

Originally Posted by Chadl0420

Experian?
I dont understand why none of these credit companys dont try to contact ppl. I'm not hard to find! lol I was just ur typical irresponsible 18 yr old, and now i have a huge mess to clean up. And about the car, I think they r one step ahead of me. The guy that sold it to me called me and said I was due for an oil change. Since i had warrenty up to 115,000.00 kms I was sure I was covered. So i dropped it off and when i came back they gave me a $200 bill! I was like no I'm covered, and he said It's only a power train warrenty. Plus he said I need to go see an autobody about some little dent in the bumper from my driveway. He claims my AC motor was pushed into my Rad. My Dad looked and said its bull. So even if I do bring it back, they will say its damaged and Buy it back for WAY less than in January. How does it work with the extra amount owing?

A warranty does not cover basic preventive maintenance like oil changes or tire rotations.

If you give the car back, they don't pay you anything, they consider that a voluntary repossession.

The vehicle must be sold at an auction, and must be flagged as a "repo" meaning it will bring only a fraction of it's real value.

Say you owe $12,000 and it sells at auction for $2,000 (very possible) they will deduct the $2,000 from your balance, then add costs for reconditioning and preparing the vehicle for auction, wash, detail, and any other repo expenses, and you still owe that total.

Also, the credit bureaus are not there to inform consumers or notify them of anything. They exist only to track credit performance and report it for businesses who have to make credit decisions.

Giving the car back should be your LAST option.

TheCleaner · Jun 21, 2008, 02:56 PM

I wouldn't do that, it will be a voluntary repo and it will not only hurt further you credit also it won't get you out the hook, you'll still owning money.

Try HSBC Auto they might refinance in better terms (Not so hard to beat a 30%) specially if you are been paying your actual car loan on time for the last few months, don't go online call them and explain.

Carl.-