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Federal Credit Union

Credit unions are privately owned financial institutions that are ran by its members. The purpose of a credit union is to provide lines of credit to the consumer at competitive rates. The credit union also offers additional financial services to its members.

The differences in credit unions as a whole will vary greatly as far as the size and assets. There are credit unions with a handful of members who work on a volunteer basis to the more elaborate institutions with multibillion dollar assets and members numbering into the thousands. To learn more about credit unions, take a look at the credit union questions below that have been answered by Experts.

I owe Navy Federal Credit Union $22,000 and can't pay them because I was laid off. I am being threatened with possibility of attaching personal property, what can I do?

Many times collection agencies will use this type of scare tactic to push people into action. However, in order to attach your personal property, the agency would have to receive a judgment. In order to do that, the agency will have to file suit against you. Not having a job is a valid reason for not paying a bill; however you won't be able to use that as a defense. At this time, they cannot attach your assets. However, if they file suit, there is a very good possibility that this will happen. Filing for bankruptcy might be an option to consider. By filing bankruptcy, you can protect some of your personal and real property and completely remove the $22,000 in debt. This is a large amount of money and it would take years to pay off through monthly payments. Before you send any further payments to the Credit Union, you may want to take that money and pay for a consultation with a bankruptcy attorney to discuss your options.

I have an auto loan and a credit card through Arizona Federal Credit Union. I am currant on payments but fell behind a couple of months ago on my credit card. I received a letter from the credit union saying they are going to repossess my car. What I can do?

Generally, a creditor will take this step to ensure that they receive some form of compensation for a debt. This is a normal process used when a borrower has fallen behind on a loan with the creditor. At this point, you could attempt to make an arrangement with the credit union. Any attempt at a negotiation is worth the effort if it keeps the creditor from repossessing. You may want to tell the creditor that you need the car to get to work in order to make your payments. Without transportation you would be forced to quit your job which would force you into bankruptcy. The creditor doesn't want bankruptcy to occur because the debt will be wiped out and they will not get anything. To the creditor, they would rather receive payments from you instead of nothing at all. The credit union has the right to repossess the car in an attempt to recover the credit card debt. However, once you pay the car off, the creditor cannot repossess the car to satisfy the credit card debt.

My credit union filed a Warrant in Debt against a car loan I have with them. My auto title now reflects a lien on the title. Can the credit union force me to pay a service fee for the court filing?

In a situation like this, you should contact the credit union and submit a copy of the title which now shows a lien. You should also read your lending; if you have agreed to pay such fees then the lender could force you to pay. If you want to fight the fee, you can look at the language used in your lending agreement. If the agreement doesn't that that you are absolutely responsible for paying the fees, you can use this as a defense. When corresponding with the lender, be sure to have everything in writing and used certified letters with a request of return receipt.

Can you report to Navy Federal Credit Union that a loan was taken out under false pretenses in order to pay off other debts? I made an anonymous call but the credit union is requiring more information.

Any person can report anything at anytime to the credit union as long as the person is not in violation of a professional confidentiality. The credit union will review the information and determine what steps they will take. An anonymous phone call may be effective; however a written summary would probably make more of an impression. The problem with the written summary is you would no longer be anonymous. You should think about this before making a decision. Call the credit union and ask them exactly what information they need to further the report. It will be up to you whether you provide the additional information or not.

Many people prefer to go to a credit union when seeking a loan. With more competitive rates than typical banking institutions, a credit union offers a better deal for the consumer. While most loans go uneventful, it always best to ask an Expert for legal assistance before entering into a loan agreement.
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