Tallahassee, FL asked in Banking and Collections for Florida

Q: Since 2016 my loan payment has been made (accidentally) from a stranger's account within my same credit union.

They called today and said they just realized this. I have been getting notices every month saying the payment was made. But now they tell me I wasn't making it and want me to pay it all back. I'm devastated. I need a new car and will have to make two payments. I have lots of out going payments every month. It was $175 a month. No, I didn't think it was being miraculously being paid. I thought I was paying it as my monthly email stated.

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3 Lawyer Answers
Barry W. Kaufman
Barry W. Kaufman
Answered
  • Collections Lawyer
  • Jacksonville, FL
  • Licensed in Florida

A: What's your question? In round numbers, somebody paid 36 months of your loan payment, and in 36 months you never realized that the payment wasn't coming out of your account? Yes, you need to pay it back. You never paid it in the first place.

Bruce Alexander Minnick agrees with this answer

Charles M.  Baron
Charles M. Baron
Answered
  • Collections Lawyer
  • Hollywood, FL
  • Licensed in Florida

A: I agree with Mr. Kaufman that you must of course pay the amount you owe. You did not check your monthly credit union statements, or you did check them and realized that that, miraculously, your loan was being paid off with no debits to your account. HOWEVER, the credit union was negligent and probably could be in big trouble from State financial institution regulators, should this be reported. If I were you, I'd attempt to negotiate the most affordable installment pay-back plan you can, and if you cannot reach an agreement, hiring an attorney to deal with them may help.

Bruce Alexander Minnick agrees with this answer

1 user found this answer helpful

Bruce Alexander Minnick
Bruce Alexander Minnick
Answered
  • Collections Lawyer
  • Tallahassee, FL
  • Licensed in Florida

A: Wow. I have been involved in all kinds of banking and finance issues since 1971, both as a commercial bank operations officer and as a lawyer who has represented scores of large, medium and small financial institutions--including federal and state credit unions--and I have not EVER heard of anything quite so extraordinary as your amusing story about not knowing that your $175 per month car loan was not being paid by you--apparently for many months.

However, the issue here is not why you never knew someone else has been repaying your car loan for you; the issue is how are you going to repay the credit union--so they can refund all the money wrongfully used to repay your loan--to the person whose account was depleted by some $6,000 to $8,000.

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