Washington Posted July 13, 2003 Report Share Posted July 13, 2003 I got a "final demand" for payment from my credit union on a disputed account & at the bottom is this statement: PLEASE UNDERSTAND THAT YOUR CREDIT UNION DOES CROSS COLLATERIZE. What the heck does that mean and more importantly how can it impact me? Thanks -- Washington Link to comment Share on other sites More sharing options...
Anonymous Posted July 13, 2003 Report Share Posted July 13, 2003 Cross-collateralization usually means that whatever collateral secures a loan will secure future loans as well. For example, if you take out an auto loan and later get a mortgage, the car may become security for the house as well. This is a vast generalization, however. If you are concerned about what they mean with respect to your specific situation, give them a call. Link to comment Share on other sites More sharing options...
calawyer Posted July 13, 2003 Report Share Posted July 13, 2003 Sorry. That was me before. I couldn't log in.Don't worry about identifying yourself when you call. Just tell them you have a generic question about one of their forms. Link to comment Share on other sites More sharing options...
admin Posted July 14, 2003 Report Share Posted July 14, 2003 Welcome to the new board!!Kristy Link to comment Share on other sites More sharing options...
calawyer Posted July 14, 2003 Report Share Posted July 14, 2003 Thanks. And thanks for all your hard work these last couple of weeks.Now if I could just get that bleeping avatar back......... Link to comment Share on other sites More sharing options...
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