Hi, my husband and I purchased an expensive motorcycle last June. Since then I have lost my job and moved into a lower paying position. We have tried to sell the bike in Bike magazines newspaper ads, etc. It is sitting at a Motorcycle dealers now, we owe 26,500 and are asking 24,500 we have not had any offers and have been trying to sell since Nov/02. Because we have to pay 500/mth for the bike we have racked up our credit card debt.We have never missed a payment we have really good credit but are beginning to feel overwhelmed by debt. If we voluntarily have our bike repossessed how bad does this look on our credit? I know we will have an R8 but what does that mean if everything else is R1?

Any negative rating on your credit report will affect how lenders view your ability to handle credit. For further clarification I'd suggest you speak to your lender or the Credit Bureau directly.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca