I Hate My Life Right Now... - Jessie T. Wolf
I Hate My Life Right Now...|
OK, I have been working for a local financial institution doing collections for over 8 years. I have a fairly large amount of experience with credit lines, small claims court, and bankruptcies here in BC. Unfortunately I really don't have a lot of good news for you, but here is some information, that may be useful to you.
Unfortunately, unless he applied, and got his own credit card, and had the old one closed, your name will still be on it. Creditors do not remove names from accounts, because they would rather have two people guaranteeing it, than one. You are both 100% responsible for the debt, no matter who is the "primary."
1. pay it off and go on with life.
2. tell them to fuck off. If you have nothing they can go after(own nothing,no savings, no auto payroll...), they will likely go away, and write it off. This is risky.
3. Settlement. Offer to pay them $0.50 (or another reasonable amount) on the dollar to settle the amount. debt is gone.
4. Buy the promisary note from them for the amount of the debt, and then sue your ex for it yourself, and get a judgment against him (only effective if he returns to canada where the judgment can be enforced).
As far as your credit rating. One bad account will not destroy it unless it sits there unpaid for a long time. Also, if the card was under a business account (you only garanteed it), then it will not be reported on your credit. If it was personal under both your names, it will be reported.
Bankruptcy rules are changing shortly to make is much more appealing to file a consumer proposal. As far as future credit, neither are bad for very long.
A consumer proposal is done through a trustee, like a bankruptcy, but in a proposal, you propose to the creditors to pay $0.50 on the dollar by monthly payment through the trustee for 3-5 years, and then your debt is paid. They can not go after you, and you will pay less than the total debt. A proposal has to be high enough that they will be willing to accept it. If it is not accepted, you are deemed bankrupt.
In Bankruptcy, as long as you hold up to the responsibilities you are required to do, you get discharged in 9 months, and you go on with life debt free. The bankruptcy stays on your record for 7 years, but that will not stop you from getting credit after you are discharged. You would not get amazing interest rates right away, but you could build back to that in a year or two.