Arcadia Financial Unethical business and illegal credit practices Bloomington Minnesota

I can't make sure the balance is paid timely, if you read what I originally wrote, they are refusing to divulge any information about the account to me. They stated, I am not the principal borrower, and they aren't obligated to tell me the date payments are due, how much is due, nor any other information on this account. Yet they continute to hit my credit with negative remarks. I will obtain a court order forcing my ex to refinance this vehicle, but if he does it through Arcadia again, who is to say they will really take my name off this time either?

I understand your frustration Rhonda, but I think you are in the wrong here.

The only way to get this account removed from your credit is to be sure the balance gets paid in full. The only way to avoid it damaging your credit is to be sure it is done on time.

I can understand that since it is your Ex whom you cosigned for, you are less than willing to pay for his vehicle. What you have to remember though is that you signed the contract voluntarily, probably because your Ex didn't have decent enough credit to get the loan himself or at least the interest rate he wanted. A standard cosigner agreement states that if the main borrower is unable to pay the bill that the cosigner is then responsible for paying off the remaining balance. Stinks for you, but it protects their investment.

As for the refinance situation, it sounds like they simply deferred some payments or made arrangements for your Ex to make up the past due balance by paying a little extra in each future payment. You are correct though in that if the account was completely refinanced, you would be cleared of any responsibility.

Frankly, and I hope most agree, I think this Rip Off Report should have been dedicated to your non-bill paying Ex, and not the finance company. He is the one putting your credit through the ringer, not them. Of course it also wouldn't hurt for you to admit you were wrong to cosign for your Ex in the first place and pay the bill like you agreed to do in the contract you signed.

Hope things clear up for you.

P.S. Ask around, there may be a way to get out of the contract by paying off 1/2 the outstanding balance in exchange for removing your name from the account. Remember too that whatever you do pay to keep your credit clean, you may be able to get back by suing your Ex in civil court.

I understand your frustration Rhonda, but I think you are in the wrong here.

The only way to get this account removed from your credit is to be sure the balance gets paid in full. The only way to avoid it damaging your credit is to be sure it is done on time.

I can understand that since it is your Ex whom you cosigned for, you are less than willing to pay for his vehicle. What you have to remember though is that you signed the contract voluntarily, probably because your Ex didn't have decent enough credit to get the loan himself or at least the interest rate he wanted. A standard cosigner agreement states that if the main borrower is unable to pay the bill that the cosigner is then responsible for paying off the remaining balance. Stinks for you, but it protects their investment.

As for the refinance situation, it sounds like they simply deferred some payments or made arrangements for your Ex to make up the past due balance by paying a little extra in each future payment. You are correct though in that if the account was completely refinanced, you would be cleared of any responsibility.

Frankly, and I hope most agree, I think this Rip Off Report should have been dedicated to your non-bill paying Ex, and not the finance company. He is the one putting your credit through the ringer, not them. Of course it also wouldn't hurt for you to admit you were wrong to cosign for your Ex in the first place and pay the bill like you agreed to do in the contract you signed.

Hope things clear up for you.

P.S. Ask around, there may be a way to get out of the contract by paying off 1/2 the outstanding balance in exchange for removing your name from the account. Remember too that whatever you do pay to keep your credit clean, you may be able to get back by suing your Ex in civil court.

I understand your frustration Rhonda, but I think you are in the wrong here.

The only way to get this account removed from your credit is to be sure the balance gets paid in full. The only way to avoid it damaging your credit is to be sure it is done on time.

I can understand that since it is your Ex whom you cosigned for, you are less than willing to pay for his vehicle. What you have to remember though is that you signed the contract voluntarily, probably because your Ex didn't have decent enough credit to get the loan himself or at least the interest rate he wanted. A standard cosigner agreement states that if the main borrower is unable to pay the bill that the cosigner is then responsible for paying off the remaining balance. Stinks for you, but it protects their investment.

As for the refinance situation, it sounds like they simply deferred some payments or made arrangements for your Ex to make up the past due balance by paying a little extra in each future payment. You are correct though in that if the account was completely refinanced, you would be cleared of any responsibility.

Frankly, and I hope most agree, I think this Rip Off Report should have been dedicated to your non-bill paying Ex, and not the finance company. He is the one putting your credit through the ringer, not them. Of course it also wouldn't hurt for you to admit you were wrong to cosign for your Ex in the first place and pay the bill like you agreed to do in the contract you signed.

Hope things clear up for you.

P.S. Ask around, there may be a way to get out of the contract by paying off 1/2 the outstanding balance in exchange for removing your name from the account. Remember too that whatever you do pay to keep your credit clean, you may be able to get back by suing your Ex in civil court.