topic Re: Loan in Personal Finance

Loan

Anonymous — Wed, 07 Jun 2017 17:31:50 GMT

Good afternoon, my question is I had a charge off with my credit union over ten years ago. Just recently as 3 years ago I opened a savings acct with them. My question is can I get a consolation loan with them now, being that it's been ten years ?

Re: Loan

srloring13 — Wed, 07 Jun 2017 18:27:07 GMT

Credit Unions typically have a long memory and I wouldnt risk leaving any funds on deposit with them if you had a previous default. You may need to review their security interest clause because It may give them to right to take possession of the cash in your savings account for the prior delinquent debt and/or they wont bother loaning you any funds since you caused them a financial loss.

Re: Loan

Anonymous — Wed, 07 Jun 2017 20:45:55 GMT

Thanks for responding. The crazy part is I've had direct deposit with them for 3years as well.

Re: Loan

CreditInspired — Wed, 07 Jun 2017 21:03:42 GMT

@srloring13 wrote:
Credit Unions typically have a long memory and I wouldnt risk leaving any funds on deposit with them if you had a previous default. You may need to review their security interest clause because It may give them to right to take possession of the cash in your savings account for the prior delinquent debt and/or they wont bother loaning you any funds since you caused them a financial loss.

Hmmmm I would be surprised if a creditor could legally do this. Isn't there a Stature of Limit preventing this type of action?

Re: Loan

Erusidhion — Thu, 08 Jun 2017 16:24:56 GMT

It's called 'right to offset' and there is no statute of limitations as far I've researched. It was in the paperwork you agreed to when you signed up for your bank account most likely. Get a copy of it digitally if you can so you can search through it easier or get a paper copy and go through it to find out what you agreed to. It's great they haven't came after you for the money. Just know that they can at any time. I don't think a lot of credit unions would do this personally but a big bank may.

But I agree with the others saying that they'll definitely have history on you for your prior history with them. At least they've given you a second chance. A lot of people get blacklisted for 10+ years or longer.