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Author Topic: Cross Collateral Case Law  (Read 2114 times)
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« on: July 14, 2011, 10:21:32 AM »

Hi everyone, I am new to this board....Does anyone know of a Cross Collateral case law here in florida where defendant has won? I am being sued by a credit Union where there is a clause buried into the term of agreement which states under Security interest: "Collateral securing other loans you have may also secure this loan". I had a credit card account and a car loan. I had paid off the car loan and due to job loss could not pay the credit card. They are now suing me over the credit card loan and the lawsuit doesn't mention anything about the car which they still have a lien on. I had written them a letter in early 2010 stating I could no longer make payments due to being laid off but intend to when I am financially able. It has been 1 1/2 years now and they have not repossesed the car. I was hoping there was some kind of case law where someone like me obtained an unsecured credit card and did not know there was this secured clause hidden in the terms and conditions.

Any help would be deeply appreciated.
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