Apr
30
How will a repossession of a ring hurt my credit score?
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I have an engagment ring that of course I’m not going to pay for because I’m not in that relationship anymore, and am paying on something I can not sell, and the lender would not take back 60 days after I purchased it. It’s several years later and I still owe the amount and really can’t afford to pay it.
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4 Comments
March 25th, 2009 at 8:48 pm
Reposession of ANYTHING will greatly hurt your credit score….
March 26th, 2009 at 11:26 am
Who do you owe the money to? A credit card company? The jewelry store? A personal bank loan?
In most cases such as this, the lender will send collection agencies to get the money and will report the default to the three credit agencies. The default will stay on your credit history for 7 years and you can’t make it go away. It can cause you problems with getting loans, mortgages, and even getting jobs and car insurance. Not a good thing.
You should pay off the loan and try to sell the ring to recover whatever you can.
March 27th, 2009 at 4:57 am
if it is reported to a credit bureau you might have a problem. otherwise it wont matter unless they hire someone to get the cash out of you. The day of a heavy guy with a limp and glower is over, (hopefully) but you need to at least return it if you cant pay. For an asset like a ring is a bit different from a car unles you have a contract? maybew you can buy it out
March 30th, 2009 at 3:00 pm
Sell the ring. Pay your debts. Grow up.