I am not sure if this the right place for this, but any assistance would be greatly appreciated as I am pulling my hair out. I am/was a member of a Credit union where I have two loans (Auto refinance, and computer loan)and one bank account. In those accounts, I would write separate checks for each respective loan and separate deposits to the accounts. The statements I received outlined all three accounts. Suddenly the credit union force placed insurance on the auto loan (I did have insurance) I continued paying in the same fashion as noted. The credit union began placing all my payments into my bank account, not posting to the loans, and began paying out to other entities. When I complained, they stopped sending me statements altogether. I continued making payments. I was sued for the auto, and lost in court. I received a judgment in 2006. I returned the car, which they sold. I was not informed of the auto sale, was not credited for sale, and I continued to make payments on the other loan. In all this, I have not received a statement on any accounts although I made numerous requests in writing. I believe my payments are not being posted properly and the balances being over inflated. It has been years. On my credit report, it does not show that the vehicle was repossessed or surrendered. There is no indication of an offset from the sale of the vehicle. The credit unions attorney filed a Memorandum of Costs, which includes a boat load of fees, but does not include a credit from the sale of the vehicle. The other loan shows I am past due, but I have the cancelled checks for every single payment. Is there anything I can do about this?
You may need to look to your state's laws. You also need to research cross-collateralization, which credit unions are notorious for (and its legal). Read all your loan documents.
Okay. I will review my loan docs and follow up. I would have imagined that even with cross collateralization the credit for the sale of the vehicle would show up somewhere. Thank you.
Well, yeah, that money should have gone somewhere is right. You say they received a judgment, and you also say that you are paying on your other loans. I wonder if they applied the proceeds of the car sale to the judgment? Are you paying on that as well?
Yes I have one other loan with which I still pay on. I have no idea if the sale of the vehicle was applied to the judgment. I was never informed of the sale. I happened to go DMV and ask. I have never knowingly made payments on the judgment. Since they refuse to send me any statements or accounting, it appears they are trying to make me pay forever.
