How soon after Filing should I talk to the CU?

[Tom_Mi]

This is similar to another post I made, I'm going to try to simplify the question...


If my BK paperwork says I want to reaffirm a debt with my CU (without them kicking me out or seizing the item)

...what's the best way to approach them? Should I go in now, right after filing, or wait for the paperwork and "official channels" to hit them?

[StartingOver08]

Call them right away - within a week or so. You need to allow yourself time to negotiate the reaffirmation with them, and the time to do something else in case they will not modify the terms to your satisfaction. However, when I was negotiating with my CU over the mtg, my visa and my car - they were very knowlegable and helpful. Talk to the BK dept. BTW, I am surrending the house so the mtg was not reaffirmed, naturally the visa was NOT reaffirmed - the only thing reaffirmed was the car - and the terms were made very, very reasonable. I asked them to drop the cross-collateralization, they did and we dropped the interest rate, the balance due and the payment rate and stretched out the payments a couple more months. PS also skipped a month, added that right into the agreement. Good luck with your reaffirmation - hope it goes your way. For me it was worth it because the remaining amount is very low ($8k)- but many of the others on this board do not reaffirm under any circumstances.

[Tom_Mi]

Thanks a ton for your reply.

This is to reaffirm a boat loan, so I can sell it in the spring. Selling it now would get me less than the loan amount.

My atty says the trustee will be ok with it as long as it's for resale purposes in the spring.

[inpain66]

I hope to god my CU is going to let me keep my car.

Have a 9k loan with them and a visa account ontop of my car loan with them.

If I lose my car I will be jobless

[Keebler]

I had a VISA and a line of credit and a vehicle loan with my credit union. I tried to reaffirm a $4,500 SUV with them and failed. In total I owed them a bit more than $10,000 and they just wouldn't let go.

Around the time we filed the transmission started slipping and I made sure they knew about it. Through an interesting set of circumstances I also have the title.

Needless to say, they couldn't help themselves and wouldn't consider letting me reaffirm it. They towed it away a week or so before my discharge and not it's probably sitting somewhere waiting to be auctioned. I'm not exaggerating when I say that they'll be luck to get $2,500 for it and I was willing to reaffirm the whole $4,500.