Need answer fast!

[drowningNdebt]

I have a total of 4 accounts with Usaa. However, I have a lady calling about a personal loan every hour stating that in 10 days the account charges off. Do I come clean and tell her that I will be filing chapter 7 BK and give her my attorneys number? My auto loan is current and looking to reaffirm with them. I just dont want to loose my online access yet either.

[AngelinaCatHub]

Is Usaa a credit union? You may have to reaffirm all and not just one. Depends on your paperwork. ‘Hub

[drowningNdebt]

Usaa is a bank for people who's family members have been in the military. I read the contract thouroughly and it never mentioned anything about cross colateralization.

[chad9162]

So cross colateralization reqiures all loans to reaffirmed with that lender? Is Navy Fed cross colateralization?

[drowningNdebt]

I have heard of people who have been a member of a credit union who had cross collateralization but reaffirmed the auto loan anyways with the credit union dropping the cross collateralization.

I do not think Navy Federal is a credit union.

[StartingOver08]

You have a good chance of getting the cross collateralization removed from the account once you are in BK and attempt to reaffirm the vehicle.

If you tell them you are filing - they will not allow you to access your accounts right away. Download your statements first for everything - go back as far as they will allow you and save to your hard drive. Once you file or inform them that you are filing, your online access will probably be shut down.

[chad9162]

Thanks...and yes Navy Fed is a Credit Union....NFCU

[NoMoreRed]

We had a car loan with a CU and they sent reaffirmation documents to us and specifically stated in them that they were waving cross colateralization. Just chec the documents and call them on anything that raises a flag to you. You do have the ability to renegotiate the loan with them if they are willing. We ended up doing a 722 Redemption on ours and will save close to $11,000 over the life of the loan going that way.

[drowningNdebt]

The car is a 99 so I do get nervous about it breaking down. However, it has low miles 38,000 and I did all servicing. Just the age is concerning.

[queenbee]

Ours was cross collateralize and it was all or nothing w/ our CU. Our atty said that in BK it actually doesn't go away it "slides through" the bk DOES NOT get discharged and you owe all of it..so double check..and it does not say "this is cross collateral" in the paper work it is very weird verbiage but I did find the very small printed clause in ours. So, just double check I bet it is in there, it is normal practice for CU and they don't disclose it.

[StartingOver08]

Actually I had the CU specifically waive the cross collateralization clause in my reaffirmation. The reaffirmation is a new agreement - what you agree to is what it is - if you don't take it out, then yes the cross collateralization stays.

[queenbee]

they weren't having it all or nothin

[StartingOver08]

Naturally the CU started that way because I had a second mtg and a credit card with them too in addition to the car. I said if you keep the cross collateralization in - then you can keep it all. I only want to reaffirm the car. They were very cooperative after that, they dropped the interest rate, dropped the payment, skipped a month, dropped the principal balance a little. Then wrote up the agreement showing all of the above.

[Logan]

I have a total of 4 accounts with Usaa. However, I have a lady calling about a personal loan every hour stating that in 10 days the account charges off. Do I come clean and tell her that I will be filing chapter 7 BK and give her my attorneys number? My auto loan is current and looking to reaffirm with them. I just dont want to loose my online access yet either.

I had a CC with USAA and a Car Loan with USAA. USAA sent me reaffirmation paperwork for the car even though I was discharging the CC. I did not sign the reaffirmation letter and I am glad I didn't.

Do not sign or make any decisions because you want to keep online access or in good standing with USAA. There are superior products to USAA on the market although there Auto Insurance is tough to match.

Logan

[queenbee]

Naturally the CU started that way because I had a second mtg and a credit card with them too in addition to the car. I said if you keep the cross collateralization in - then you can keep it all. I only want to reaffirm the car. They were very cooperative after that, they dropped the interest rate, dropped the payment, skipped a month, dropped the principal balance a little. Then wrote up the agreement showing all of the above.

That's awesome that they did that for you...Ours is just dumb because we owe $42,000 (two car loans), and I said fine then you loose the money not me it doesn't effect me.... the total value of the cars now it maybe $8000 so they are gonna lose HUGE...one had a branded title and one was broke and barley running we were tired of fixing it and it depreciated that much that it is worth nothing compared to what we owe same w/ the branded title one..Their atty didn't even know the new vehicle had a branded title and was like they are dumb! We had several car loans through them and never any issues pd on time and paid them off..so whatever their loss..and we have no car payments works for me!