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I have a 2005 Subaru that I have sold and. with this money…

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I have a 2005 Subaru...
I have a 2005 Subaru that I have sold and. with this money I was paid I cleared the title loan payment of,I am now being told by the Co. holding my paid off car title that they will hold this title until I catch up on my credit card pmt. being held by the same Co.I am at this time going through a debtor's council with this Comp.and they are holding my title hostage. To my knowledge the car was never a part of the credit card, they mentioned cross collateral. Please advise me because as I earlier stated This car has been paid for and sold to a third party expecting to receive their now owned property!! HELP ME PLEASE!!!!, D.M.M
Submitted: 8 years ago.Category: Legal
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Answered in 24 minutes by:
6/29/2010
Lawyer: P. Simmons, Attorney replied 8 years ago
P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 37,706
Experience: 16 yrs. of trial experience
Verified
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

This is becomming more and more common...and there is not likely much you can do about this. This will come down to your contract. Its a contract issue. So pull out your terms of service for this credit card.

If, in the the terms of your credit card agreement you give the bank the ability to use assets you have in the bank to satisfy other obligations with the bank...then the bank can rely on this contract provision when they take your money.

SO the start point to this is your credit card agreement. If nothing in the agreement allows this, then I would send a demand letter that they release your money and if they refuse I would sue them immediatly.


If there is a provision in there that allows the bank to do this, then you have an uphill battle. In that case, you can still try and sue...but the case becomes much more difficult as you will have to overcome this contract provision. You may be able to convince a court that the provision is not valid...but as I said this is an uphill battle and you will need to pay an attorney to fight this for you.


Sorry to have to bear bad news.




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Customer reply replied 8 years ago
Thanks, XXXXX XXXXX is my recourse since as I stated the loan was paid off by a third party that now expects to recieve a automobile with a title of ownership at the said said agreed upon date and time,were do I stand in as getting their mony back that the cretit union is holding!!!!
Customer reply replied 8 years ago
<p>Monday, June 28, 2010 9:18 PM PDT</p><em>Thanks, XXXXX XXXXX is my recourse since as I stated the loan was paid off by a thirdparty that now expects to recieve a automobile with a title of ownership at the said said agreed upon date and time,were do I stand in as getting their mony back that the cretit union is holding!!!! </em>
Customer reply replied 8 years ago

You replied

Monday, June 28, 2010 9:18 PM PDT

Thanks, XXXXX XXXXX is my recourse since as I stated the loan was paid off by a third party that now expects to recieve a automobile with a title of ownership at the said said agreed upon date and time,were do I stand in as getting their mony back that the cretit union is holding!!!!
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