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    CSI Miami Vice, FL

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  1. Thanks. I very well may update here once the vehicle loan is paid in full. I'm thinking it may be a good to keep small balances across my accounts and cc until my credit profile is strong enough on it's own.
  2. ...miracle on ice. If that's the case, then I can live with the doubt you have.
  3. Quote from link: What happens is that later on, when you pay off the loan obtained to buy the car or truck, or wish to sell the car or truck, because of the cross collateral language in your contract, the credit union does not have to give you back your title if you have any other outstanding loans and accounts with them, at least not until you pay those loans and accounts in full. This blog post is why I posted here. What I've learned since posting and thanks to all the comment and help here is that ONCE you settle that dilenquent/charge-off account... whether settled for less or paid in full, then that account will be zero balance remaining and no other collateral is held against it. It's interesting the author didn't include 'delinquent' in reference to accounts as I'm sure many have paid off their auto loan and received the title when they still had a balance (in good standing) on a credit card with the same institution.
  4. Not surprised you feel this way, but I guess the old adage, 'never say never' applies in my case. All 3 of my personal and 2 business accts are intact along with the cc. I could show a redacted screenshot of the NFCU nRewards acct, but I'd hope my word and long standing member here would suffice. #NoBS
  5. I was curious on why you felt this way. Have you seen other instances that differ?
  6. I have the settlement funds sitting in a NFCU Business LLC account. I plan to call NFCU Collections and remind them this phone call is being recorded. Get the statements on no adverse effect on other NFCU accounts after settlement and then do a Member-to-Member transfer (instant) from biz account to personal account so they can withdraw the funds while on the call and put this matter to rest. How does that plan sound?
  7. I spoke with a bk atty about my case...paid his consult fee. He basically was honest and said he charge $600 per debt and since he felt I negotiated a great offer with NFCU there wasn't much he could do that I can't do on my own. Could NFCU get 'nervous' when an atty contacts them and rescind the settlement offer?
  8. Yep, if you 'settle for less' it will reflect this on your credit reports and like someone mentioned earlier in this thread, you're pretty much dead in the water for any other loan or credit products going forward. Sure you can apply but somewhere along the processing (after the hard inquiry) you'll get a denial with the reason, "You caused NFCU a loss". If having a future relationship with NFCU is worth $5,800 then work out a plan. It's my understanding they don't set a time frame to pay off charge off, just don't miss any agreed payment plan you setup with them.
  9. I know! I couldn't believe every person in their collection dept has the audacity to say, "We don't cross-collat" when it's clearly in loan terms and mentioned repeatedly throughout internet searches. I guess when you cross NFCU you see a different side of things. I tried calling to get to loan/underwriting dept. Once there I gave my member number and put on hold... minute later... collection dept on the line. "Mr OMW, we do not cross collat loan products."
  10. After several calls it's a no-go on receiving in writing what they say on the phone. "All accounts are separate." "If you settle as agreed, then no outstanding debt for this account." "NFCU does not cross collateralize." If I settle for less then the balance will be 0 , no more collection efforts and I get a big fat $20,000 1099. Thats my understanding. I have the settlement amount to pay them, just want to make sure it's done and finalized where I can payoff the auto loan and receive title. I'll sock drawer the other NFCU CC I still have.
  11. Yes that's been the case. She opened and was approved AFTER my charge-off.
  12. Definitely something to think about. I wouldn't want getting an atty involved with sending letter to sound any alarm or flags. Wouldn't that get Navy legal consel involved? Rescind the favorable settlement offer? The statement by the collections guy saying they don't hold the title when CO is settled for less than owed, but can't provide a letter with that in writing just makes me wonder what else can happen when you settle for less...besides the 1099 tax thing. #Bewildered
  13. No to your question... no joint acct with them and no connection with the CO account.

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