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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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This question is kind of part of a series of questions. However,

Resolved Question:

I am trying to confirm that the AMOUNT REAFFIRMED as stated on a standard reaffirmation agreement includes accrued interest as of the date of disclosure. The reason that I ask is because I reaffirmed my auto loan when I filed BK pro se last year, and they took approx. 7 months of payments towards past due/accrued interest that was not disclosed in the reaff. agreement anywhere, nor included in the amount reaffirmed. I have argued extensively and have decided to sue the lender in small claims court for the amount of misapplied payments. First, however, I am trying to be absolutely sure that I am correct. Thank you.
Submitted: 4 years ago.
Category: Bankruptcy Law
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Expert:  Terry L. replied 4 years ago.
Hi and thank you for your question. In the future, you can request me to answer any further questions.

The reaffirmation agreement that was filed with the court will control as to the balance due as of the date of filing, including any costs, fees accrued to date of disclosure. this is at the bottom of page one.

Page 2 sets out the interest rate applicable on the loan.
Page 3 sets out the security interest in the vehicle and the repayment terms - due date, payment amount, # XXXXX payments etc.

So, you are reaffirming the amount in the reaffirmation, which may include the 7 months arrears/interest in that figure.

IF they are tacking on other interest not part of the calculation or repayment agreements on page 2-3 you would have a good case.

Good luck to you, thanks for your question.
Customer: replied 4 years ago.

Hi Terry- Thanks for the response. I had originally tried to go directly back to an attorney that answered some questions for me previously, but she did not respond.

In regards XXXXX XXXXX answer, no it is not disclosed anywhere. MY reaffirmation agreement is an older version where the verbiage reads "fees and costs that have accrued as of the date of disclosure...." there in an updated form now as of APR that clearly states "principle balance, fees, costs, and interest...." The lender insists to me that the interest that had accrued as of that date is NOT a fee nor a cost. So, again, I disagree. I am wondering if your advice can pertain strictly to bankrupcy. To complicate the situation further, I had already sent a 'demand letter' to citifinancial auto (with no response). During that time, i was notified that the account was now being taken over by Santander. It stated that it was still owned by citi, but being serviced by santander. I decided to contact santander with the issue, they stated that I should in fact be dealing with them directly for everything. However, refused to correct the account. My question is, who should I sue? Do i still sue citi, or do I sue santander- or, how can I find out who to sue? Also, is there any other way to get this corrected without having to sue them? Thank you for any feedback you may be able to provide.

Expert:  Terry L. replied 4 years ago.
I would still argue with you that balance reaffirmed should be the # XXXXX forward, with the applicable interest rate on that figure forward. It does not matter if the interest was a fee or a cost, and the base # XXXXX the reaffirmation should have been the precise payoff figure as of the date it was written.

As to whom you would sue? I would name them all as defendants and let the court dismiss the parties who are no longer responsible.

Sorry you are getting so much hassle with this lender(s), i wish you good luck. Thanks
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2568
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

Thank you. One last thing in regards XXXXX XXXXX advice- in order to list them both on the complaint, do I list them side by side, or fill out 2 pages or what, exactly?

Thanks again.

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