topic Re: Teachers Credit Union- IN in Bankruptcy

Credit union car loan

MB2714 — Mon, 10 Jun 2019 03:37:46 GMT

A friend of mine has an auto loan that is with Teachers Credit Union out of South Bend. He plans to reaffirm as he filed Chapter 7 May 20. He states he got monitoring alerts that TCU updated his loan as zero balance, closed and included in Chapter 7, 11 or 12 from all three bureaus. He said his lawyers' office told him that it is up to TCU to send a reaffirmation but it could take a few months, but if they do not have it by the 341 meeting to let them know and they will reach out to TCU. He only owes like $7,000 and has a 4.00% APR which is why he wants to reaffirm as it will be paid in full in about 24 months or so. I guess the question is what does he do if TCU does not send the reaffirmation agreement? Also, he said TCU has not frozen his accounts. Any suggestions I can give my friend? Also, why did they update his credit report that way if they know he plans to reaffirm?

Re: Teachers Credit Union- IN

FireMedic1 — Mon, 10 Jun 2019 00:02:31 GMT

Dont know about credit unions. But when I reaffirmed. My lawyer filled out the papers and sent them in with the filing to the courts and to Cap1. We didnt wait for Cap1 to send anything. My lawyer did it. Maybe someone with CU experience can explain. If they were only notified about Chap 7 and reaffirmation papers weren't filed. Then they cant collect and have to zero out the account. Some one needs to call them. Thats what the lawyer is suppose to do. I may be wrong.

Re: Teachers Credit Union- IN

pizza1 — Mon, 10 Jun 2019 15:13:14 GMT

Agreed...Let them know the plan to reaffirm the loan, meaning the lawyer, and hopefully after the 341 and DC, the loan reporting gets corrected.

Re: Teachers Credit Union- IN

MB2714 — Tue, 11 Jun 2019 22:37:00 GMT

My friend text me today he said the lawyer contacted him and stated the credit union sent the lawyer the reaffirmation agreement and they received it today. They signed off on it and are mailing it to him to complete and return. I guess he said the lawyer said that in Indiana the financial institution has to send the agreement to the attorney of record. Kinda wierd I guess.