Legal Question - Credit/Bank Account

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countryroads24

Guest
My wife co-signed a car loan for her sister, she missed payments and did not tell her, this has since been taken care of. In the mean time, she received a call from the bank manager at Popular stating that because of her newly stated credit rating, they will be closing her account with the bank?

Is she understanding this properly? Does this happen from a legal perspective?

Thanks
 
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Derfish

Guest
My wife co-signed a car loan for her sister, she missed payments and did not tell her, this has since been taken care of. In the mean time, she received a call from the bank manager at Popular stating that because of her newly stated credit rating, they will be closing her account with the bank?

Is she understanding this properly? Does this happen from a legal perspective?

Thanks

Banreservas closed an account I had with them, I asked them why and they said they are not obligated to say why. I can close my account without explaining why and they can do the same. I realize it is not the same situation, but was my experience.
Derfish
 
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Riva_31

Guest
My wife co-signed a car loan for her sister, she missed payments and did not tell her, this has since been taken care of. In the mean time, she received a call from the bank manager at Popular stating that because of her newly stated credit rating, they will be closing her account with the bank?

Is she understanding this properly? Does this happen from a legal perspective?

Thanks

If she co-signed as guarator of the loan then the loan belong to her too, if her sister missed payments and never talked again to the bank or make payments that debits pass to your wife as if were her loan.

very legal and she must pay
 
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countryroads24

Guest
If she co-signed as guarator of the loan then the loan belong to her too, if her sister missed payments and never talked again to the bank or make payments that debits pass to your wife as if were her loan.

very legal and she must pay

The loan has been paid in full, the lending institution is fine. My question is with regards to her Popular account, can they close her account do to this issue on her credit? This is what I am trying to understand.
 
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lifeisgreat

Guest
The loan has been paid in full, the lending institution is fine. My question is with regards to her Popular account, can they close her account do to this issue on her credit? This is what I am trying to understand.
They can close your account for any reason or rhyme... legal or not it really won’t matter ..swallow your pride open account elsewhere..goodluck! Popular is pain in the a$$ IMHO
 
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william webster

Guest
Slow/delinquent payments.... is what the bank saw...

They have no heart...a slow pay is like a no pay... a default waiting to happen

I understand the loan was paid in full---
that is case you should make before leaving

If they won't buy that... you're better off gone
 
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countryroads24

Guest
Slow/delinquent payments.... is what the bank saw...

They have no heart...a slow pay is like a no pay... a default waiting to happen

I understand the loan was paid in full---
that is case you should make before leaving

If they won't buy that... you're better off gone

Further clarification, the car loan was with a different financial lender, Popular had nothing to do with the car loan, only that my wife has her checking/savings account there.

I know nothing makes sense in the DR, I am just trying to understand so I can give her guidance. One thing you guys have made clear, they can close your account any time they want....
 
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Cdn_Gringo

Guest
The sister's missed payments may have impacted your wife's credit rating. Even though the loan was paid off, it was in default for a period of time affecting sister and possibly the guarantor.
 
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countryroads24

Guest
The sister's missed payments may have impacted your wife's credit rating. Even though the loan was paid off, it was in default for a period of time affecting sister and possibly the guarantor.

Yes, this is what happened. As soon as the financial institution contacted my wife, the issue was rectified on our end. Now it is affecting her credit rating so we need to have this rectified as well. My question is, does her credit rating affect her bank account? How can we rectify her credit rating since the loan in question has been paid in full???
 
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Riva_31

Guest
Yes, this is what happened. As soon as the financial institution contacted my wife, the issue was rectified on our end. Now it is affecting her credit rating so we need to have this rectified as well. My question is, does her credit rating affect her bank account? How can we rectify her credit rating since the loan in question has been paid in full???

If thats the case she must go to Datacredito office with all the papers where she signed as guarantor, maje copies and show them that when bank contact her she paid all debs so they most clear her credict but not the one for her sister, thats they only way, if not she will have bad cresit for 4 years. There is another database for credit that i dont remember the name here,
 
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countryroads24

Guest
If thats the case she must go to Datacredito office with all the papers where she signed as guarantor, maje copies and show them that when bank contact her she paid all debs so they most clear her credict but not the one for her sister, thats they only way, if not she will have bad cresit for 4 years. There is another database for credit that i dont remember the name here,

Thank you, this is the advice I was seeking. The bank manager provided the same advice.