What do you think about my Credit Union?
February 4, 2008 12:02pm CST
Two years ago, I lost my job through company downsizing. It was 16 months before I managed to secure another full time job although I had been doing bits and pieces all along to keep food on the table etc. During that 16 month period some things obviously fell behind like loan payments etc. My first mortgage holder, Wells Fargo, worked with me, letting me fall behind for awhile and then setting a liveable payment plan. However my second mortgage holder, a Credit Union which at this stage will go unnamed for legal reasons, which had been wonderful to me when I had my high paying job, offering all sorts of loans, saving incentives etc; turned nasty when I lost my job. Behind it was a new CEO who came on board just after I lost my job, who was trying to make his mark by playing tough. He refused to work with me, despite me keeping him and the Credit Union Board, informed all along of my job hunting prospects, financial situation, when I could make payments etc. He went as far as over turning a recommendation the Credit Union Board had made to place my personal loan on the back of my mortgage loan so I wouldn't have to make personal loan payments, and he refused to talk to me about loan modifications possibilities etc, and started charging huge late payment fees( even when he knew a payment would be late by just one day) , and even went as far far as refusing to supply me with information I asked for such as loan pay out figures I needed to have to set a selling price on my house. I had to engage a law firm to get this information. When I finally got a decent paying job, and asked the Credit Union to work with me by possibily lowering the 18 percent interest charge on my personal loan of $10,000 and the 11 percent of my second mortgage, and possibily make a repayment plan for the mortgage till I could catch up, they refused to talk to me and instead placed the matter of my personal loan in the hands of their law firm, charging me legal fees of nearly $5000. The law firm is now demanding I make my personal loan payments to them, have told me in writing that the Credit Union will not be lowering any interest rates and will not assist in any other way, and that if I want any information at all about my accounts, I will have to file a motion in court to do this. My reaction? I said enough is enough and that I expected to be treated in the same way as every other Credit Union member is, and as I was when I was in good standing financially. I said I will be making my monthly payments on time but will be making my payments directly to the Credit Union as I do with my mortgage payments. The Credit Union's reaction ? They have taken the home mortgage payment but have refused to take the personal loan payment. I would love some discussion as to what people think I should now do, and what they think of the Credit Union's actions to date.
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