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Without Consent

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I have multiple loans with a small hometown bank in North Carolina. Two of the loans are in default, and have started foreclosure process. Both of these loans were short-term notes and up for renewal. Due to financial hardship over the past couple of years my credit has taken a beating. Although my other loans have been kept reasonably current and I have been a customer of this bank for decades, they would not renew these two notes. Fortunately, my father has excellent credit and said that he would go to the bank and co-sign the notes. Problem is, that once we arrived, the collections manager broke out every document, every personal file I have, or ever have had, with this bank. Father or not, this additional information was not in question and should not have been presented to to my father. Needless to say, my father felt that I had hidden other loans from him, although they were current. He did not co-sign the notes at the time and we left the bank today. Embarrassing. I certainly understand why my father would be upset. However, my question is: Did the collection manager have the legal right to share this "other" or additional personal information with my father (or anyone for that matter) without my consent? Thanks, in advance, for your response!

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Unfortuanatly, you have two things working here: one is moral issue and the other is business issue. By the nature of this being a small town bank as you stated, the collection manager probably overstepped the line. But given that you placed yourself in that position by not outlining the full extent of your financial position to your co-signer (father).

I think the collection manager believes your issues are deeper than the 2 loans, you were tyring to have co-signed, and wanted to be assured that your father had those facts also. Obviously, collection managers moral hunch was right.

In the end I would be more concerned about repairing the issues with my father, than spending a whole lot of time and effort on the bank. Money and things come an go, fathers is a one time event, when he's is gone he's gone.

Best of Luck

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