collateral security by citifinancial

July 6th, 2008 by Questions

Good Day,
I just filed for bankruptcy in May 2008. I had a loan with citifinancial with the furniture of my house attached as security. The collateral security amount is $8000. When i applied for the loans, the terms were not clearly explained, questions like to have a living room suite is your house? I will say yes..then how much is it worth?
now they are asking me to pay them $5500. i told them that as a bankurpt, i have no such funs, and also the goods are not worth that much if i was to apply a garage sale value to them. Also, as it happens, some goods are my wife`s. what can i do? can there take the goods even if they belong to my wife? how can i better negotiate with them?
thank you for your help.

Posted from: British Columbia


One Response to “collateral security by citifinancial”

, A licensed trustee said:

You need to have this discussion with your trustee – they can’t represent you, but they can advise you how to handle this sort of thing in your area. Each region is somewhat different, for example, in Ontario creditors may no longer secure loans against furniture you already own.

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