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Creditor wanted after 341 meeting

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Creditor wanted after 341 meeting

Why would my credit union wait until after my 341 meeting to file. They entered a file of appearance on my file. I makes me wonder. I'm keeping my car, I'm just burning my credit card and personal loan through them. Just kills me because I don't what they could possibly want now. They already locked my account and refuse to stop charging late fees on the card. I know creditors have 60 days, but why wait a total of 7 days to file. Crazy!
6 REPLIES 6
Moderator Emerita

Re: Creditor wanted after 341 meeting

Are you planning to reaffirm the auto loan?  Most CU's have the cross-collalateralization language in their documents. Talk with your attorney. 

Message 2 of 7
Frequent Contributor

Re: Creditor wanted after 341 meeting

I don't know how your CU will work this, but generally if you have other loans with them they will make you pay on those as well not just the car. You can keep paying on the car, but they won't give you the title or they will want to come pick it up if you aren't reaffirming all loans with them. Talk with your attorney.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 3 of 7
New Member

Re: Creditor wanted after 341 meeting

That's really good to know! Makes sense at this moment.
Message 4 of 7
Moderator Emerita

Re: Creditor wanted after 341 meeting

When I filed I owed a smallish balance on a vehicle with my CU and reaffirmed that loan but did not reaffirm the cc or the second mortgage with them. In the auto loan reaffirmation agreement I inserted new terms of repayment and also put in the language that they would send me the clear title within ten days of payoff. They signed it and it was filed before my discharge. I paid the loan off within about 8 months and they sent the title over. I know the reaffirmation agreements are different now than when I filed, so ask your attorney if you can write in changes - like sending you the title when paid etc. 

Message 5 of 7
New Member

Re: Creditor wanted after 341 meeting

I am planning to reaffirm the car. And this is interesting, never knew credit union did cross-collalteralization.
Message 6 of 7
Frequent Contributor

Re: Creditor wanted after 341 meeting


@Mrscollins425 wrote:
I am planning to reaffirm the car. And this is interesting, never knew credit union did cross-collalteralization.

LOL Oh yeah, they want their money back it's in your membership agreement that you "sign" but never read, that if you're delinquent they can cross collateralize a loan. HOWEVER If it's an indirect loan, such as a loan they got from a dealership those aren't cross collateralized since in your loan paperwork with the dealership 99% of the time that's not included in the paperwork since they never know if a CU will pick it up or not.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 7 of 7
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