Ask Experts Questions for FREE Help !
Ask
    goldie_9256's Avatar
    goldie_9256 Posts: 24, Reputation: 1
    New Member
     
    #1

    Jan 28, 2009, 06:47 PM
    Credit Union Loan
    I have a loan with a local credit union. It is an unsecured loan. They are threatening to exercise their "legal rights". What does this mean? I only have a savings account with them, which I was forced to keep open because of this loan. The balance is about one dollar. Will they send this to a collection agency similar to the credit card companies?
    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
    Ultra Member
     
    #2

    Jan 28, 2009, 06:51 PM

    They most likely will yes... they will try whatever they can to get their money.

    How much was the loan and how long ago did you stop making payments
    goldie_9256's Avatar
    goldie_9256 Posts: 24, Reputation: 1
    New Member
     
    #3

    Jan 29, 2009, 05:45 PM
    I owe about $4300 and I stopped making payments about 3 months ago.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
    Expert
     
    #4

    Jan 29, 2009, 05:49 PM

    They may send it to a collection agency, or if a smaller credit union may just sue you and get a judgement.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Credit Union default versus Mortgage companies, difference? [ 1 Answers ]

I live in Calif. Sadly, in default. My ultimate goal would be to do a loan modification on my 1st to obtain lower interest rate & payments. How can I negoiate with lender to give me a lower interest rate (Chase) instead of just tacking late payments on the end of the loan? My 2nd is an equity...

Credit Union Judgement and accrued interest [ 1 Answers ]

I had a judgement awarded against me in 2005 for the amount of $4022. I am almost finished paying for the amount and now I am told by the law firm that they did not add interest fees and I now owe another $1200 - 3 years later. Is this legal? If they did not ask for legal fees and interest in a...

Credit union transunion [ 1 Answers ]

Which credit card companys only pull trans union credit files.

I need student debt consolidation loan for poor credit or bad credit [ 1 Answers ]

Anyone suggest me I'm from singapore and I wish to go study in USA.Anyoone suggest

Bad credit loan [ 3 Answers ]

I am trying to buy a small business concept. I have tried going through different lenders to get a loan, but all have denyed me because I seem to have "fair-poor" credit. I had a credit card, I missed a few payments but paid it off. Does anyone know where I can get a $7500 loan even if I have bad...


View more questions Search