Consumer Protection Law

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DEAR SIR, BACK IN 2005 MY WIFE AND I GOT MARRIED WE DECIDED…

DEAR SIR, BACK IN 2005...
DEAR SIR,
BACK IN 2005 MY WIFE AND I GOT MARRIED WE DECIDED TO PUT $8,000 IN A CD.
USING THE CD AS COLLATERAL WE GOT A $7,800 DOLLAR LOAN TO BE USED TO PAY FOR
THE WEDDING EXPENSES. THE LOAN WAS TAKEN OUT IN ME WIFE NAME ONLY. IN 2008 MY WIFE GOT BEHIND BY ONE OR TWO PAYMENTS AND WENT
TO THE BANK TO PAY UP. SHE WAS TOLD BY THE BANKER EVERYTHING WAS FINE AND THE LOAN WAS PAID UP. SHE WAS NOT ALLOWED TO GIVE HER PAYMENT. LONG STORY SHORT JUST BY ACCIDENT WE FOUND OUT AS THE BRANK CHANGED FROM A WASHINTON MUTUAL TO A CHASE BANK OUR $8,000 CD WAS TAKEN. THE BANK DID NOT INFORM US THAT IS WAS TAKEN OR WHY. IT WAS TAKEN IN 2008 BUT WE DIDN'T DISCOVER IT WAS TAKEN UNTIL 2009. NOW IN 2010 THE BRANCH PRESIDENT HAS NOT GIVEN US ANYTHING IN WRITTING AS TO WHAT HAPEN TO OUR MONEY ONLY TO SAY IT MAYBE BECAUSE WE GOT BEHIND BY A PAYMENT OR TWO. WHAT CAN WE DO TO GET AN OFFICIAL ANSWER IN WRITTING. THIS MONEY AS IN A CD!
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Answered in 9 hours by:
6/28/2010
Andrea, Esq.
Andrea, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 12,554
Experience: 25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
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The CD was prematurely taken by the bank and if it was going to be taken, they should have given you written notice of the default first.

 

When a CD is given as collateral for the repayment of a loan and the borrower defaults, the lender must give notice of default to the borrower before it touches the collateral. In addition, if the lender eventually takes the collateral in order to satisfy the loan, the lender can only take an amount equal to the outstanding balance.

 

In your situation, the loan was taken in 2005. I do not know what the interest rate was or the term over which it was to be repaid, however, lenders do not make loans in this amount for more than 5 or 6 years. Since you were paying on the loan since 2005, the balance of the loan had to be substantially reduced and could not have been more than $4,500 or so. Therefore, even if the lender gave all the required notices of default and its intention to take the collateral, the lender would have had no right to take the full amount, only what the outstanding balance was.

 

You should write a stern letter to the bank, telling them you never received notice of default, that you had been repaying the loan since 2005, you never received notice that they took the Certificate of Deposit, so you do not know exactly when it was taken, and they had no right to take the full amount of the Certificate of Deposit which was $8,000 and substantially more than the outstanding balance of the loan at the time they took it. Lastly, you must demand a complete accounting of the proceeds of the Certificate of Deposit and a return of all excess amounts. Also inform them that you expect this within 5 days of the date of the letter.

 

If you do not receive a response, do not hesitate to file an action against them in Small Claims Court, demanding an accounting, the return of the balance on the Certificate of Deposit, interest and punitive damages.

_____________________________________________

 

 

 

That is the only way I get paid

 

Positive Feedback, BONUS are not required, but are very much appreciated

 

___________________________________________________

 

Kindest Regards,

 

ANDREA, JD, LLM

MEMBER, NY & PA BAR

 

Don't forget to leave positive feedback!

Andrea, Esq.
Andrea, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 12,554
Experience: 25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
Verified
Andrea, Esq. and 87 other Consumer Protection Law Specialists are ready to help you
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Customer reply replied 8 years ago
THANK YOU FOR YOUR ANSWER. I FIND IT VERY USEFUL. I FIND IT VERY ODD THAT THE BANK WOULD DO THIS WITH OUT NO PAPER TRAIL OR ANY WRITTEN STATEMENT TO INFORM US OF THEIR INTENTIONS SO WE COULD HAVE THE CHANCE TO FIX THE PROBLEM.

They rely on their size to intimidate people into submission. When you get to the bottom of this, you would be very wise to sue Chase because you are not the only person who has been taken advantage of by Chase. Just consider if it was only $100 they took from you that they were not entitled to, but that they took this amount from 1,000 other people each month; That amounts to $100,000 a month to them that they were not entitled to.

 

______________________________________________________

 

 

That is the only way I get paid

 

Your question will not close and when you press "ACCEPT" you may ask follow up questions, if you want

 

Positive Feedback, BONUS are not required, but are greatly appreciated.

 

If you have questions in the future, feel free to ask for me by typing my name at the beginning of your question

____________________________________________________

 

 

Kindest Regards,

 

ANDREA, JD, LLM

MEMBER, NY & PA BAR

Don't forget to leave positive feedback!

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