Legal Question in Credit and Debt Law in Louisiana

Would like to know if this is legal I have personal loan at a credit union I am three days late on my payment otherwise never been late My account is frozen I am told I need to pay the repo man $150.00 plus what I owe for August payment. It was stated he came to my home to collect last night AND which he did NOT It was also I signed a statement which I'm seeing for the first time today but it is my signature.

JF Credit Union has bse our loan decision on applicnts previous credit history and ability to pay Whe you requested credit fro us, you met all of these critia and we are willing to give you a chnce to build a positive paying history However, should you fail to make any payment throughout the term of your loan on the 28th of the month we willimmediately start the collection process of repossessing the financed auto. This means you cannot pay on the 29th or the 1st of the month By signing this document below you are acknowledging that you understand these terms and you know the consequences should you miss a payment

By the way I traded in the vehicle that was financed through this credit union I have my car loan through a bank I'm not trying to get out of paying my responsibilities I don't want to be walked over

LS


Asked on 9/02/10, 8:17 pm

1 Answer from Attorneys
Martha Amanda Mandi Lucas Mandie Seale Lucas

You are bound by the contract. However, they can not repo any auto other than that described as collateral without filing suit and receiving judgment. You will still owe monies borrowed and because you got rid of collateral, you could owe all now. But suit will have to be filed.

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Answered on 9/08/10, 5:30 am


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