topic Re: Nfcu co in Rebuilding Your Credit

Nfcu co

virgo — Thu, 25 Mar 2021 15:00:35 GMT

Hello FICO gurus,

This may be an unusual one.

Few years ago I was really close to reaching the 800 club. I did everything I was supposed to do to maintain my credit. I even purchased payment protection plans for all my credit cards.

And then I ended up on my back for 9 months.

I fully expected the payment protection plans to honor the agreements, pay my payments to keep my accounts in good standing until I can take them over.

A few of them honored it, but I found out the hard way these payment protection plans are pretty much run by a few companies. A lot of my cards were under the same payment protection plan but just called something different depending on what credit card company you were speaking with.

The hardest one to deal with his Navy Federal. Although they agreed that my disability claim was legitimate and that my payment protection plan would pay my bill, they still allowed the accounts to go delinquent and then the charge off.

And even though the payment protection plan is still in effect, they refuse to put my account back to good standing. They're willing to take the money but the accounts will still say charged off.

Now they know they've had problems with this payment protection plan and they've since dumped them.

I did what I was supposed to do I did the right thing I had protection just like Auto insurance, and I still got burned.

These accounts are going to fall off in the next 6 months but I really liked being with Navy Federal.

Any thoughts would be greatly appreciated.

Re: Nfcu co

KatSoDak — Thu, 25 Mar 2021 15:34:38 GMT

What did the account protection plan use as an excuse for not paying NFCU? Have you exhausted all avenues to hold them responsible?

This seems like something the consumer protection division of your state attorney general's office could pursue.

Re: Nfcu co

virgo — Thu, 25 Mar 2021 16:11:40 GMT

And yeah you'd think so but. . .

Navy Federal is the biggest credit Union on the planet.. because of that the organization that would normally step in and help you can't. They don't do financials in excess of 10 billion.

So they refer you to the consumer financial protection bureau. Again useless. When something happened with Navy Federal last time it took the consumer financial protection bureau four years and 700,000 complaints to file a suit and they only charged them $28,000 fine.

I fought them for 4 years.

The protection plan would have honored the payments but Navy Federal refused to put my accounts back to good standing which is exactly what the protection plan is meant to do. The payment protection plan is to protect both of us not just them.

They claim I didn't follow the instructions of activating the claim. Except the instructions are on the letter of acceptance thanking me for joining the payment protection plan. I followed those instructions down to the last period.

Anybody that's ever dealt with Navy Federal on a negative basis knows exactly how hard it is to deal with them.

I'm just hoping maybe somebody's gone through this before and curious as to what their outcome was.

And there's no chance getting an attorney to fight them nobody has that kind of money.

Also, in my state they are required by law when they charge off the account that anything over $600 automatically generates a 1099. They haven't sent me one. When I asked about it I can't get an answer. I said when did you send the 1099 well we didn't. When I explain the law to them it falls on deaf ears.

for whatever reason they're just squatting on this account.

Thank you for responding

Re: Nfcu co

virgo — Thu, 25 Mar 2021 17:22:45 GMT

I'm hoping Robert can chime in on this one.

Re: Nfcu co

gdale6 — Sun, 28 Mar 2021 16:40:20 GMT

You say its going to fall off in 6 months so what is the DoFD? Is this payment protection plan still making payments for you after all this time?

Re: Nfcu co

virgo — Sun, 28 Mar 2021 17:29:54 GMT

No. What happened was ,they were going to take the payment but refused to keep my account in good standing.

My last commu. with them was 2016.

I just couldn't fight them anymore. I was literally on a morphine drip because the pain was elevating my blood pressure. 210/180.

After all that,

I don't want the debt just falling off. I liked NFCU.

So I'm on the phone with them right now. New ears. The man spoke with his super and she looked at all the notes and said this should have been handled and needs to be handled ASAP.

There is no regs for these plans. No one to report them to.

And all these plans have to do is say we didn't get the paperwork and let the clock run out.

Absolutely nothing you can do about it.

Well I figured this would happen. I've been on hold and the phone disconnected. Nice.

It's scheduled to fall off November of this year.

Thank you for getting back to me.

Re: Nfcu co

gdale6 — Sun, 28 Mar 2021 17:24:04 GMT

Well what I am hearing is you want back in with Navy and the only way is to settle it with them, as far as you possibly bringing legal action the SOL also applies to you but again you want back in so this is most likely not the way to go. If you are now communicating with them you will have to wait for them to make their move before your next one is decided.

Re: Nfcu co

virgo — Sun, 28 Mar 2021 17:49:04 GMT

I can't go after the payment plan because they didn't sell me anything. Navy Federal sold me the plan and it's also up to them to submit the paperwork.

The reason communication broke down is because they refused to put my account back to good standing after receiving payment which is technically what you're supposed to do.

The cfpb is useless. All they do is compile data. It took them 700,000 complaints in 4 years to file a lawsuit against Navy Federal and at the end of it all they hit them with a 27,000 fine.

The problem is Navy Federal is the richest independent organization on the planet they know nobody can fight them.

Even with all my ducks in a row and I prove everything to everyone they could still say no to me because they can.

but the way I look at it is I had insurance I did what was right they sold it to me and they didn't honor their agreement.

Other creditors look at Navy Federal mainly because they think it's part of the federal government which it isn't.

They carry a lot of weight.

Thank you for getting back to me