I am married to a former CFO of a credit union. I described this thread to him. He said that it is very unlikely that said CU did not contact the OP either via letter or phone before or as this withdrawal was occurring. Also, it is not in the fine print at all, but right in the body of the agreement. YMMV, of course.
That said, since said husband has been out of work since February, we know all about incurring debt and struggling to pay bills thankyouverymuch. Neither of us is a deadbeat. We have kept our heads above water by the sad fact of his father dying and leaving him money–not something available to all or a route that I care to recommend (but I’m sure it makes me All Right and Good in Carol Stream’s eyes, godhelpme).
There are several issues afloat here, some of them at distinct odds with one another.
There are the emotions of the OP. Emotions are not rational or logical and I do wish the Dope would stop trying to make them so. Yes, the CU was well within its rights, but the OP FEELS angry and bad about this. Let her. We’d all feel the same way if it happened to us. If it helps her to demonize the financial institution, so be it, although I see very little of that from the OP.
Customer service is a moving target and means different things at different times. Maybe the notice got lost in the mail. Maybe the OP’s phone was cut off and they couldn’t get the message. I dunno. Certainly no CU can afford to extend credit indefinitely, but per The Husband (mine) they rarely refuse to work with the customer in such cases. As has been said, the OP couldn’t make even the interest payments. I believe this is called hitting rock bottom. Bright side: the only way is up.
We are all one medical crisis, job loss or life change away from the OP’s situation. Don’t kid yourself. It CAN happen to you. There is nothing special or magical about your particular job, your skills, your savings or your investment funds. Demonizing the OP and faulting her choices is a fruitless exercise. It’s akin to telling a rape victim that she shouldn’t have been out at night or wearing a short skirt. (no, I don’t think the CU raped the OP, just making an analogy). This is where we are now: what to do next is most important. IMO, a few sessions with some kind of financial counselor are in order.
Some of you people will find out one day that it isn’t always your fault when something awful happens to you. I hope I can be standing there to say it’s all your fault. Then you can see how that burns. There really is a happy medium between hugs and kisses, and, well, the other. No, the OP may not have been perfect. No, the Credit Union did not have to help, and so on and so forth. But, try being human for 30 seconds, people. Sometimes life is very hard and telling someone over and over how badly they f’ed up is not helpful. In fact, it’s cruel. Carol Stream seems to revel in telling people how dumb they are and how wrong they are. That’s sad, but let’s all make a pact to stop listening to crap like that. Oh, I need to go read something else.
Of course you are right that shit can happen to anyone. SHit it has happened to everyone -
Is it demonizing someone to say to them “I told you so!” ? If she wants to bitch I would bitch about the school’s ad agency she went to work for at big salary cut and how they scammed her into investing her “available” money. I would bitch about the interest only payments, where were the friendly CU officers that granted her every financial request, why weren’t they taking better care of their members? I would bitch at myself for not moving my money out of an institution that is hostile to me. At least you now know where you stand on the CU membership list.
But this is the same CU that was helpful and friendly to them for 10 years–how were they to “know” it would turn “hostile”? It’s not hostile at all–the agreement spells this out. Interest only payments are one way CUs have of helping customers who are having financial difficulties. As has been said, CUs can’t just float people–they owe a duty to their members which trumps their duty to the individual. There is some wiggle room and they used and did what they could.
Sometimes I really can’t stand America, home of the “build your own future, become your own boss, but if you fail, you suck, you miserable vomitous mass.” We love when people show that independent spirit and strike out on their own, but woe unto them if they are not successful. What the OP needs now is advice (or just a place to vent stuff) and a plan to avoid this kind of thing in future (as much as possible. As we all know, it’s not always possible).
Try reading for comprehension. eleanorigby didn’t say that she hates America. She said that she can’t stand certain aspects of the “American dream” fantasy.
I don’t see a “you fail, you suck” here. Taking on the debt that they took on is a gamble. Saying that America is hard on failures in this case is akin to saying that casinos are evil because they let people lose money. I’m not saying that it’s all their fault and I fully recognize that shit does happen. I just don’t think that this scenario is an example of the cruel failings of the “American Dream.”
Sometimes I can’t stand America either, but that doesn’t mean that I hate it. What I do hate is self-important assholes who go around shitting on other people just because they don’t live up to their high-and-mighty standards of how they should live.
It is telling that you refer to the OP’s situation as something that has happened to her and the “huz”. It’s as if you think that they didn’t do anything to bring this situation upon themselves. But, I guess I am not on topic–It was about the Republicans, right?:rolleyes:
But, she is having a hard time. Don’t you get it, already?? She had money in the bank! Her money!! Those damned republicans forced her to become overextend and while she could not pay the interest only deal she was offered she is pissed that she couldn’t even pay for her salon visit when those dirty bastards wanted to try and get their money. It is heartbreaking and should get {{hhhuuuggzzz}}}
Thanks for the laugh! To be considered a tool by you is a great compliment. If ever you think highly of my posts, then I’ll worry. Well, not really, but I’m trying to be polite.
Of course, those here who have a working intelligence know I meant the American dream–which is mostly nonsense or myth and does not make allowances for setbacks or personal failures/weaknesses. Harborwolf: America does not like losers or what it perceives to be losers. For those concrete operationalists here, “America” means the culture or mainstream social values. I am sure the OP is now watching as some friends distant themselves from her and her husband. Certainly the lack of sympathy shown here is exemplary of what she can expect.
I swear we need a sticky here that states that showing sympathy to someone who is struggling does not mean that you consider that person “right” or a “victim” or morally superior etc. It merely means you have some compassion for your fellow man. It’s ok to show sympathy. More advanced folk can show empathy, but I don’t want to freak anyone out with the harder stuff just yet.
I didn’t see anyone make the jump to this is the Republicans’ fault. :rolleyes:
Let me try to explain this in simple language so that even you can understand it. In the post you quoted I was not referring to what happened that caused the OP’s financial difficulties. I was referring to the people who came into this thread and disregarded everything that the OP said about what led to their financial difficulties and acted like sanctimonious assholes.
And where the fuck did you get the idea that I (or anyone else in this thread, for that matter) is blaming the Republicans for what happened to the OP?
And speaking of sanctimonious assholes…
Yes, the OP obviously has a secret stash of money which they are hiding from their creditors instead of meeting their obligations. Try reading for comprehension; they can’t pay bills with money they don’t have.
You know, I would love to see how you would react to having no income and being unable to meet your financial obligations. Of course, that could never happen because you are beyond such mundane matters.
Of course, the underwriters at the CU know that a certain portion of their loans will go uncollectable. And before they got to two mortgages and a line of credit, someone their should have asked whether the OP would have the capacity to repay the money.
A lot of the OP’s detractors here are taking this much more emotionally than anybody at the credit union is.