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Wescom Credit Union - is this true?

Date: Sat, 11/15/2008 - 14:32

Submitted by anonymous
on Sat, 11/15/2008 - 14:32

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have 2 loans with Wescom Credit Union. One is an auto loan and one is a personal loan. I am behind on my personal loan payments, but not on my auto loan. They are telling me that they can close ALL of my accounts, if ANY of them are charged-off, and repo my car, even if I am current on my auto payment and that they cross-collateralize all of their loans. Is this true? If I had the money to pay on the personal loan, I would, but I dont. I dont want to get my car repo'd and I am current on its payments.


That is not correct. The auto will stay until paid off but the accounts (checking, savings, etc.) if any will be closed because the CU is taking a loss from you. You would not be able to get any future accounts with the Credit Union.


lrhall41

Submitted by on Mon, 12/08/2008 - 18:08

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what does your loan paper say?
Does it say that all debts are cross collaterized?
It is highly unlikely they will take the car because getting rid of it is extremely difficult.
Talk to them and see if you can work something out. Also talk to the state regulators if it is possible and legal to cross collateralize loans. I am skeptical to this.
They can restrict your accounts but they won't close them since you have to have an account for the loans.


lrhall41

Submitted by on Mon, 12/08/2008 - 19:57

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