Washington 10 Report post 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 Share this post Link to post Share on other sites
Anonymous 10 Report post 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. Share this post Link to post Share on other sites
calawyer 1,848 Report post 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. Share this post Link to post Share on other sites
admin 885 Report post Posted July 14, 2003 Welcome to the new board!!Kristy Share this post Link to post Share on other sites
calawyer 1,848 Report post 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......... Share this post Link to post Share on other sites
