What can I do?

What is the name of your state?California

I have 2 credit cards that are still joint with my ex-girlfriend. She was suppose to take me off long before, but she didnt. So now both credit cards are over the limit and late charges had been applied. Both cards are up to $20,000. I had recently had her filled out the Transfer of Reponsibility form required by both BofA and Bank One. I have also paid off $5000 on both cards to put the accounts in good standing. But the banks have responded that her credit rating is not good enough for her to have the accounts to herself. So I am still on the accounts.

There were zero balances on the cards. All transactions were conducted by her. I have not use the cards for over 18 months.

My ex said she was going to consolidate debts 2 weeks ago. She say she will be using a consolidating agency. But last week she just lost her job. So she has no income and will not be able to consolidate anything.

She makes it difficult to communicate to her. She says its not my problem and I dont have to worry about it. But unfortunately it is affecting my credit and sanity.

What can I do????

[cmorris]

Have your ex sign a contract with you stating these are not your debts and all hers. Then pay off the cards yourself (if you can) and make her pay you back. If she doesn't sue her.

I don't think there is much else you can do. Joint cards are bad, bad, bad. Especially if you aren't married.

Thanks for the response.

Should I have an attorney to write up the contract?

Or can I write it up myself?

What if she refuses to sign the contract?

Should notify the banks of the situation?

THanks!

[cmorris]

If she acknowledges the debt, she should have no problem signing it. But, if she is out to screw you, it could be a problem. You cannot threaten her or forge her signature. Maybe you could write a simple one up and see if she signs that before you pay an attorney. In the contract you write (type it), just write that it is a contract. Include that she (her full name and any identifying info if a common name) owes you (your full name) X amount of dollars. State what it is for (the cc debt). Include the terms for repayment (be specific). Both of you sign and date. It wouldn't hurt to have it notarized.

If she complies with the above, take it to an attorney. If the attorney thinks it is fine, keep it. If not, pay the attorney to write up a new one and have her sign it.

Cut up the cc's NOW. Try and put them in your name so she cannot run them up again. Once it is paid off, cancel the cards (if you are so inclined). If you cannot get it in your name, make her sign an agreement that any future charges are also hers. Once it is paid off, cancel the cc.

Have a paper trail to support the contract. Good luck.

[cmorris]

Originally Posted by onelemon

What is the name of your state?She say she will be using a consolidating agency.

BTW, "credit repair" agencies are usually scams. Do not do this or allow her to do so.

[JETX]

Originally Posted by cmorris

Have your ex sign a contract with you stating these are not your debts and all hers. Then pay off the cards yourself (if you can) and make her pay you back. If she doesn't sue her.

And now... for an ACCURATE response. A 'contract' will not work... as it would not be legally valid or binding. However, a PROMISSORY NOTE will work. You can download one from the internet for free from several sites.

However, even that won't work as your own post says.... she has no money. So, all that will come from this is you pay off the debt and close the accounts. Then, HOPE that at some time in the next 4 years (SOL) she have some money to pay you. And if she doesn't, then you can file suit against her in 3 years + 364 days (or less) and get a judgment.... then wait for it to possibly be 'made good'.

Overall, not a good prospect to be in.....
And if you do decide to go the 'promissory note' route, be sure to include interest and most important, that in the event of litigation, prevailing party recovers legal fees and costs.

[cmorris]

Definition of contract:

a binding agreement between two or more persons that is enforceable by law
[URL=http://cogsci.princeton.edu/cgi-bin/webwn]www.cogsci.princeton.edu/cgi-bin/webwn[/URL]

Definition of promissory note:

The legal contract between the borrower and lender that binds the borrower to repayment of the loan and specifies the terms and conditions involved, such as the interest rate, maturity date, penalty charges, and deferment priviliges (if any).
[URL=http://www.uwsp.edu/finance/wasfaa/altgloss.HTM]www.uwsp.edu/finance/wasfaa/altgloss.HTM[/URL]

So why wouldn't a "contract" work? A promissory note IS a contract. What am I missing here?

My trainer at the bank had the best words of wisdom I have ever heard...if you don't share a toothbrush with the person, don't share accounts!!!

We never know what is going to happen in life, peoples feelings about each other change and it can create a HORRIBLE mess. Just tune into any small claims court TV show!

[JETX]

Originally Posted by cmorris

So why wouldn't a "contract" work? A promissory note IS a contract. What am I missing here?

What you are missing is a promissory note IS a contract.... but a contract is NOT a promissory note. A contract can be LOTS of different things.

And what you are further missing is that a contract must contain certain essential elements to make it binding.
A contract between two parties where one pays a debt without the other receiving some 'mutual benefit'.... is not binding.

[cmorris]

Thank you for clearing that up!

Hello! All,

Thanks for all the info! Unfortunately I personally have another $27,000 of unsecured credit card debt. Which brings up the total to $42,000.

Like most everybody 50% of my paycheck goes to rent alone. I have no assets.

So should I just file for chapter 7? Will I get approved for Chapter 7?

What else can I do?

Thanks again everybody