So my bank called today to let me know they are willing to work out a deal with me regarding some accounts I have with them. They do not know I have retained a lawyer to file chapter 7 yet. I have two car loans with them, a personal loan and a credit card. One of the car loans I sent them what I thought was the payoff and they informed me today I still owe $3.00. They told me they are willing to refinance my car that I owe $10,000 on and my credit card but can not do anything with the loan. Anyways they also said they are going to keep the title to the car that I owe $3.00 on. I am going there tommorow to pay the $3.00. How can they keep the title? This car is paid off. I don't understand how they can keep it for collateral and the car is not even worth that much.. maybe $3,000 if that. Does anyone have any advice? I cannot believe the stress financial problems can cause. I really feel like I am going downhill so fast I can not even stand it.. I am sure I am not the only one.. I hope there is light at the end of this tunnel.. thanks for all your support..
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Cross collaterilization. Most likely there are clauses tying it all together
. It is common in CUs.
You need to take any notification of this to your lawyer. See what he says.May 31st, 2007: Petition Filed by my lawyer
July 2nd, 2007: 341 Meeting Held
September 4th, 2007: Discharged and Closed. -
Since you have not filed yet, you can get the title, usually. Once it is paid off - there is nothing for them to 'offset' against your car yet - is there? Have you stopped paying on everything else yet with them?Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
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I have been paying my other car loan with htem on time, but not the credit cards or a loan i have..
My thing is the car is paid off, how can they use that as collateral? I am waiting on my lawyer to call me back.. ugh.. he is so slow..
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updated...
well i went to the bank and got my title.. wewwww...
so happy... now I have to get the rest of the money together for my lawyer so we can finally file...
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Congrats
May 31st, 2007: Petition Filed by my lawyer
July 2nd, 2007: 341 Meeting Held
September 4th, 2007: Discharged and Closed.Comment
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If you have any money in a checking or savings account with them I would move it to a different bank before you file so they don't try to snatch it.Filed Chapter 7 7/24/2009
UST Has Questions :unsure: 08/11/2009
341 Completed !!! 9/1/2009 :clapping:
DISCHARGED 11/10/2009 :yahoo::yahoo::yahoo:Comment
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