I asked a question last week about my husband's car accident. Everyone was so helpful! Now we have another problem with the payoff of the van. The insurance agreed to give what we wanted on our van .Great! Well, I found out that our credit union had not signed off of it when we paid it off. It didn't seem like a big deal. They won't sign off of the title because we had a Visa there that we couldn't pay off. The Visa was unsecured but in a credit union they can cross-secure on the van. OK. I understand but how can we pay for another vehicle?
Friends and family have suggested we go after the lady's insurance. Does anyone know if this possible or ethical? We are in Michigan which is a no-fault insurance state.
I guess I wasn't clear. We certainly don't want to do anything illegal! The idea was that through no fault of ours, the car was totaled. Whether we had full coverage or PLPD, we need the cash to get something else. We are clutching at straws. We have done all of the penny-pinching for 5 years just to survive without state ass. There is no room to save for another van. 4 jobs are dependent on 1 vehicle
The matter of the van is settled. All parties came to a fair settlement. Now you have the matter of the visa. I would call the credit union and see if you can make arrangements on the Visa. If not, then they just took the money you owed them. So, now you have to save for a downpaymt on a car. Or see if they will finance you again with no downpayment.
L.:
I'm glad that you were able to get the van settled...what I don't get is if the money is from YOUR insurance company or HERS....did you not work with HER insurance company? If you did not - I do not understand why. I do not understand why the claim was filed with YOUR insurance instead of hers. Am I missing something here?
As to the visa - that's no one else's problem but your own. If you borrowed money from the credit union and didn't pay it back - that's what a credit card is - borrowed money - then they have the right to collect it. I do not know what the statute of limitations for collections is in the State of Michigan.
How can you pay for another car? Looks like you'll have to pay the Visa off and use what's left - if any - on a new/newer car...and borrow more money again...
Use the check to pay off the Visa. Then get a vehicle.
I cannot imagine "going after" the "other lady" after you already received above KBB value for your vehicle.
While you're "right" the van was totaled through no fault of your own--you were compensated for that already! Clean up your credit & start saving!
Why would you go after the lady anyway?
It is not her fault your credit card was not paid off.
Its not her credit card. Its yours.
Who's fault was the car accident?
Talk to your credit union.
About, what to do.
Or how to fix this problem.
I do not understand this. Your husband had a car accident? You got a check for it? From who? The lady's insurance? Why would you go after them? I have a hunch that there is fine print somewhere telling you that if a VISA credit card? with the bank wasn't paid off they weren't going to release the title. Why didn't you pay off the credit card? Probably the most logical but not a way to get a car is that you pay off the VISA with the insurance check, then turn around and sadly borrow again to buy a car. Sorry, I still don't understand it exactly but those are my thoughts. And by the way be sure you ask for documentation about this VISA and the title. And as far as the Lady's insurance goes it sounds like it was a done deal if they paid you. If you accepted the check, signed it, it's usually a closed case.
I guess I am confused as to whose insurance company paid...yours or hers? Im not an insurance agent but I am allmost sure that since your van has been paid for by an insurance co. you cannot legally ask for anymore money from the other party. Usually insurance companies make you sign a release that forbids you from trying to collect any more money from anyone. I think they consider it insurance fraud to try to get the same thing paid twice.
I don't understand why you would choose to "go after the lady's insurance" now that insurance has settled and you find out you can't buy a new vehicle.
Would you feel ethical if you chose to go after somebody for the sole reason of $$? I am sure it is possible, anybody can sue anybody for anything but keep in mind, you don't always get what you want if you do that. You could end up with court costs, legal fees, etc ... then what would you do with a bigger financial burden on your shoulders.
I would work with my credit union, pay off the Visa.
Even if it was ethical, legal...I would say most likely your insurance company is already hot on her tail!
Is there anything else that the credit union can use to secure the Visa?
I don't know how you could "go after" the other ladies insurance after your insurance has already paid off - that would be double dipping - her insurance company does not have to pay off your van, since your insurance company already has.
I would sit down with the credit union and try and figure out a payment plan that would satisfy them and enable them to release the title to the van. If the van payoff was more than the Visa debt - would they just deduct the amount of the Visa debt and give you the difference?
As for your question - it would not be ethical.
Good Luck
God Bless
