I have a question concerning my signature loan with a Federal Credit Union. I have a signature loan with them for 18,000 dollars (325.00 monthly payment) and a used car loan with them for 4,500 (payment 225.00 a month). I reviewed both contracts and it appears that there is a cross collateral issue with the loans. I am current on both loans and want to keep the vehicle. What will happen in this scenario?
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I can only speak for my particular situation. I also have a car loan with my employer credit union and was having the pmts directly taken out of my paycheck. Had approx 3 yrs left on the loan at time of filing. In my petition they have spread my pmts out over the 5 yrs of the plan and lowered them to reflect this at 6% interest which is actually highter than the original loan. Also the trustee is making the pmts. I have my 341 in Dec. and creditors can file claims until March. Waiting to see if credit union puts up a fuss over this or not... My guess would be "NO" because actually they are making more money on the loan in the long runThose who live in glass houses should not throw stones
Chapter 13 filed 10-21-09
Discharged 4-13-15
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I am filing chapter 13 in the middle of Dec. Can I just simply buy another car at a different bank and then surrender the car to the credit union and then discharge both credit union loans in the 13?Comment
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Surrendering the car can be done. (Keep in mind that if you miss more than a payment or two on the car you can lose it to the repo man before you file.)Originally posted by cc8225 View Post
About the signature loan....did you secure it with an asset? As long as you didn't, then as an unsecured loan, you can include the debt when you file and see if the creditor files a claim to get at least part of their money back.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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There is a cross collateral clause with my signature and car loan. My plan is to buy another car prior to filing and then surrendering the old car to the credit union so my signature loan becomes unsecure. Can I do this?Comment
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yes and make sure you have no money in any of the credit union's accountsComment
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Thanks, I need to buy a car quick and then surrender the old one. This is so stressful...Comment
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