loan default credit rating

[MIKKI1]

What is the name of your state? The state we lived in was Hawaii. We had a personal loan which I thought was paid out before we left to go home to Europe. It was in both our names and linked to an atm card. My husband withdrew money from that account after we returned home, with the intention of paying it back, but we went through a very bad run. It took five years, due to many moves for the bank to catch up with us. We have since paid the loan plus interest out and the account is now closed. My husband now wants to return to Hawaii. he feels that our credit rating won't be affected, I beg to differ. How badly is our credit rating affected? Would we be able to borrow money, if we needed to in the next five years, for things like a mortgage. What advice could you please give me? Out of curiosity, the lawyer I contacted here, who specialised in American banking law, said that we could of been charged with fraud, if the bank so wanted to pursue the matter. Could the bank pursued us out of the united states, Irecieved conflicting information on this? I felt both a legal and moral obligation to pay the money back. My parents also felt that if we had returned to the states before paying this account out, we could of been detained at the airport, I thought that to be extreme. If you could help with this matter, it would be greatly appreciated. Thankyou.

 

[Ladynred]

My parents also felt that if we had returned to the states before paying this account out, we could of been detained at the airport, I thought that to be extreme.

And you are correct, not paying a debt is NOT a criminal matter in the US.

If you want to find out how badly your US credit was/is affected, you need to pull your US credit reports. If you have social security numbers, you should be able to get them on-line from each of the bureaus.

How much impact the delinquent debt might have now depends on how long ago it went delinquent. Negative info can only stay on your reports for 7-1/2 years after that it comes off your report. Its possible the bad debt has aged off, but you'll never know w/o pulling your reports.

 

[MIKKI1]

thankyou

Thankyou for your reply, the loan was dilenquent for five almost six years before I found the paper work, ( a letter came through the mail) would you be able to hazard a guess at how badly our credit is affected, I will contact the bank concern and see if they may be of assistance, which I know is a little on the cheeky side, since we were errant in our payment
thanks

 

[Ladynred]

The bank won't and can't tell you anything, all they could say is that they reported it as delinquent and charged-off as a bad debt.

There no way I could hazard a guess as to the damage on your credit reports, there are far too many other factors that would affect your credit. However, it sounds like it may age off your reports before too much longer, which would be a plus.

 

[david007]

Thank thankyou Right answer at this Problem

 

[absconder]

If you apply for credit in the states again showing the reciepts that the debt was paid will go along way instead of them just seeing a charge off.