Legal Question in Credit and Debt Law in Illinois

If a credit union charged off a Visa card and add it to a car loan and demand a higher payoff balance when trading the car in?

Asked on 1/09/19, 11:23 pm

1 Answer from Attorneys

Thomas Moens Moens Law Offices, Chartered

If you are asking if this can be done, the answer is yes, possibly. You may have signed what is usually called a cross-collateralization agreement at some point. The abbreviated definition is that they can move around your various debts and assets to make themselves whole if you default. A consumer law attorney in your area would be able to review the relevant documents and let you know if the credit union's actions were legal.

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Answered on 1/10/19, 6:58 am

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