About to file BK. I have car loan and cc through Navy Federal Credit union

[jennagirl]

I want to know if NFCU will let me reaffirm the debt for the car with out doing it for the cc. Doe anyone know if they can help>>

[livnlow]

I'm by no means an expert on anything but I did have a 2nd mortgage with NFCU and a car loan. My fear was that they would try to cross-collateralize (sp?) onto the car loan since I wanted to keep it and since it was worth more than I owed them. Before things got too sticky, I refinanced (the car loan) with someone else as to eliminate the chance of that happening.

I don't know how they'd react with you discharging one debt and wanting to keep one.

[BKInLA]

Anyone else have thoughts on this? I have my mortgage, car and CC through one CU and I will be hoping to keep the house and car.

Should I be worried about the car?

[liz417]

Yes, I would be worried about the car too. I read many post here and from what I understand, Credit Unions want a reaffirmation on the loans. If you have a checking and/or savings account with them, MOVE ALL YOUR MONEY NOW! CUs are notorious for their "cross-collateralization"...which means they take $$$ out of you account to pay your loan(s).

[liz417]

Just reread you post, why do you want to reaffirm the car loan? Do you have equity in the vehicle?

[Klesko]

From personal experience you cannot do that.

Navy will not work around the CC clause at all.

[flyinbroke]

From personal experience you cannot do that.

Navy will not work around the CC clause at all.

So NFCU would want all the debt reaffirmed? I too have a Visa with NFCU; it is the most negative of my three CUs as they went variable and raised my interest but it is one of my oldest cards which was why I kept it.

If I file, I planned on reaffirming with my three CUs; overall, they are good to me, have me at great rates and I can afford them. IT is the big banks that drove me to the edge and made themselves unaffordable.

[liboton21]

http://www.bkforum.com/showthread.php?t=37678

[aljohnson007]

I must have missed something along the way but I didn't realize your could reaffirm a cc or other unsecured debt.

[flyinbroke]

I am fairly certain you can, but there are no guarantees that the bank or CU will keep your card open.