alpha4dog Posted June 8, 2007 Report Share Posted June 8, 2007 I have a loan with a Credit Union (not sure if I can mention their name) and I received the loan over the phone. By the time I was off the phone when I applied for the loan, the money was in my account. I used the money immediately to pay off some debt. A few months later I had to go through a major job transition (military back to civilian) and got into some pretty rough financial trouble in the process. In any event, I started having problems paying the loan and the credit card through the same bank. The bank started to take partial payments, so when I deposited money into my bank account, it was transferred without my knowledge to my loan and cc. By the time it posted to my account, I was charged addition fees for a negative balance with $20 fees each time I swiped my card after I deposited my money. When I called the bank to complain about this, they said it was a computer error and that it wouldn't happen again, which of course it did. I kept complaining and they said that it was in my loan disclosures that they could do this. I had no idea what they were talking about, so I kept disputing and refusing to make payments until they explained it to me and corrected it. Payments became late, so the bank calls my mother to try to get a hold of me (she's only a next of kin on the loan) and they tell her EVERYTHING about my account, down to exact dollar figures, dates, amounts, everything, and freak her out to the point she is about to write a check to pay it, but calls me instead. When I hear about this, I call the bank to make complaints about breaking laws, and request for a recording of the conversation, which they said they don't have. So I requested all loan documentation, to include the disclosures. Ultimately, it turns out that the bank doesn't even have a signed promisory note from me. The loan is in collections and I got a letter from a law firm demanding payment. I bet they have a recording of me when I was on the phone applying for the loan, and records of me making payments monthly in the beginning. No promisory note though. Is there anything I can do to dispute this, and if so, how should I accomplish this? I want to pay my debts, but this bank has been far too troublesome and has not only seriously damaged my credit, but has caused problems with my family in the process. Help! Thank you so much for anyone who can reply. Link to comment Share on other sites More sharing options...
CleverCynic Posted June 8, 2007 Report Share Posted June 8, 2007 It seems very little extended credit these days is signed for in the online generation... they probably have whatever they need for a contemporary loan. You never got any follow-up paperwork at any point? Nothing anyone may have signed for you if you were away?It seems like you may never have the paperwork you need to satisfy yourself, but push comes to shove in a court there are signatures and pin numbers (same as a signature) for each and every transaction and proof of the source of the funds to begin with... the money trail would easily be proved. Most disputes are a wing and a prayer hoping to find a vioation or no response from the creditor. If this is very recent, your best bet is still to work it out with them probably and see if they will goodwill lates and put you back on track. Sucks about the info sharing.. if she didn't co-sign or anything you have a beef there. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted June 8, 2007 Report Share Posted June 8, 2007 I agree, in this day and age a signiture is not longer needed to prove a contract between you and the bank. Link to comment Share on other sites More sharing options...
alpha4dog Posted June 8, 2007 Author Report Share Posted June 8, 2007 The bank tried to send out more paperwork for me to make an addendum to the original agreement. As I never saw the original agreement (the promisory note) I refused to sign an addendum. When I asked them to instead send EVERYTHING to me, including the original, they stopped making contact and just sent it to a law firm. I'm so confused. Do you know what laws might have been broken when they disclosed information to my mother, who was not on the loan? Link to comment Share on other sites More sharing options...
CleverCynic Posted June 8, 2007 Report Share Posted June 8, 2007 It's possible the first contract is recorded verbal, and the addendum is a written attachment added to the verbal record... would still be an addendum. Most of the umbrella laws about credit history privacy I can think of only pertain to CRA's and housers of credit information. Most likely you would have to peruse the bank's own written policy on how they intend to use your information. You, likewise, would need something in writing from them, or a recorded call asking them this policy. Then you'd have to be in for the long haul, your mother would have to be onboard and willing to testify, you'd have to pay an attorney and hope for the best. This is just one of those things they generally get away with because frankly, what are you going to do about it? Heck, if they were clever enough to match you with this post and handle, they may prove the burden that you had no expectation of privacy by sharing in an open forum! I just don't see it happening. You're mad right now but unfortunately that fades lol... probably why courts drag things out so long on purpose.Anyway, you could find the part of their policy they violated, cite it in a letter as an intent to sue and make some demands. It could work sometimes. But if right now they don't intend to sue you for a judgement, it might provoke them. They're holding most of the cards right now. Link to comment Share on other sites More sharing options...
dazedandconfusedincali Posted June 10, 2007 Report Share Posted June 10, 2007 I don't know if you really paid attention when you signed up on line, but I noticed when I got my loan from my credit union and applied for a few other accounts, including credit reports, there is a message that says if you check this box this is an electronic signature in lieu of a written signature. Link to comment Share on other sites More sharing options...
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