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    goldie_9256's Avatar
    goldie_9256 Posts: 24, Reputation: 1
    New Member

    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

    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

    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

    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.

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