My wife and I are an elderly, retired couple with 5 credit union loans from a credit union. Four Loans are not secured and one is secured against our car. The credit union is saying they are going to go after our car because we are behind on all of the notes except the car. Can they do that?

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Unfortunately, Credit Unions do something called cross-collateralized. The Credit Unios will normally have wording in their loans that says something like, “Collateral securing other loans with the Credit Union may also secure this loan.” This means that even though you only have one loan that is secured by your car the Credit Union is treating all of your loans like they are securing your car.

You should consult a Debt Attorney to go over your situation to see what makes the most sense for you and your wife.

 

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