Communities of Abilene fcu

by Paula
(Clyde, texas)

This bank froze my savings when my fully insured was stolen. The vehicle has been retired. What right do the have to do this. My payments were always on time.

Reply from DebtCollectionAnswers.com:

Paula,

Most credit unions have cross collateralization clauses in their contracts that allow them to go after funds you have on deposit with them if you default on a loan.

I don't fully understand your question, though. If the vehicle was fully insured, isn't the insurance company paying off the loan amount? What happened to that money? Was there a difference between the balance of the loan and the amount insurance was willing to pay?

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