Goodwill Letter Is A Double Edged Sword

We had a car loan for about $12,000 at the end of Dec 06 it was 2 months behind with a balance of $1,876. I sent the payment for two months $577. The check was not cashed. In Feb I realized this and (with a recent change in jobs I’ve been about 2 months behind on everything). Thanks to the tax money I paid the remaining balance plus some (figuring late charges) $1,950 dropped in the deposit box (its a local credit union). Two days later there was a message on my answering machine from the credit union asking about the night deposit. No name was left. I called the credit union and they said there was no history of my deposits. They offered to accept my payment over the phone but I was furious. Determined to figure out how to play back the message for them I said I would call back in the morning. That evening I received a letter from a collection agency about the car loan. I called first thing in the morning. Reviewed the story with the collector. He was nice. He suggested calling back the credit union and making another payment. Called back they refused payment saying the account was closed. I sent a letter to the credit union with no response. A week later I paid the collection company. Needing a new car I would like to clear this all up. It is on the credit report as a charge off with a balance. I also need the pink slip to the car. I finally spoke with someone at the bank. They said they would fix the credit report and it would be changed in 24-48 hrs that was 2 weeks ago. Also I received another message asking if I wanted to pick up the uncashed check from Feb. (the check they swore they never recieved). The woman I had been talking to is now not returning my calls. I’m getting so frustrated with all of this. Any suggestions.

Jenn

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Hi Jenn,

(breathe in)

(breathe out)

Much better.

Credit Unions are regulated by one of two agencies: the National Credit Union Administration (NCUA) or the Federal Trade Commission (FTC).  Federal CU’s enforcement authority is the NCUA, while federally insured state-chartered CU’s and non-federally insured CU’s enforcer is the FTC. 

Search to find the president of the credit union and take a moment to write a Goodwill Letter.  Make sure the tone of the letter is more of a petition for help than a condemnation of the CU’s procedures.  “I am writing this appeal to you in an effort to resolve a credit reporting injustice that I’m hoping may be resolved without a letter to the NCUA.  My experience at your CU has been wonderful with the sole exception of this lost check that has caused me and my family undue hardship and economic strain.” Ya da ya da ya da…I love you.  Please fix this immediately.

Jenn, send the letter to the president of the CU by certified mail return receipt requested (CMRRR).

Thanks for the questions and hope this helps.

Paul