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The Credit Union used 12 USC The credit Union is using 12
USC 1757(11) and 12 CFR 701.39
as their defense in saying
that the Social Security
disability funds are not
exempt from being taken to pay
off a loan.
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http://answers.google.com/answ ers/threadview/id/764641.html Unless their argument is that your social security payments were deposited and subsequently converted into shares in your credit union. http://www.ncua.gov/regulation sopinionslaws/opinion_letters/ 2002/02-0577.htm |
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If you did not want them to attach your income, then you should have filed for bankruptcy or not gotten any loan in the first place. What you are trying to do is no different then a thief who breaks into a home and steals money. |
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They are "blowing smoke up you know where" and just because they have cited codes that do not address the issue of taking SSDI directly, they figure you will go away. 12 USC 1757(11) applies to "statutory liens" which does not mention SSDI income anywhere, nor does it provide for such practice. 12 CFR 701.39 also applies to credit unions and states the following: Section 107(11) of the Federal Credit Union Act, 12 U.S.C. 1757(11) (hereinafter ``Sec. 1757(11)''), provides that a federal credit union ``shall have [the] power . . . to impress and enforce a lien upon the shares and dividends of any member to the extent of any loan made to him and any dues or charges payable by him.'' Beginning in 1979, NCUA took the position that a federal credit union could enforce the lien granted by Sec. 1757(11) only after it had obtained a court judgment on the debt, unless state law allowed enforcement of the lien without first obtaining such a judgment. NCUA, Manual of Laws Affecting Federal Credit Unions 1-17 (6/78 ed.); NCUA, Credit Manual for Federal Credit Unions 29 (12/79 ed.). Once the prerequisite judgment was obtained, the credit union could apply the member's shares to his or her outstanding loan balance. NOW, you can march in there and inform them that under the Social Security Act Sec. 207. [42 U.S.C. 407] (a) The right of any person to any future payment under this title shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this title shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law. (b) No other provision of law, enacted before, on, or after the date of the enactment of this section[90], may be construed to limit, supersede, or otherwise modify the provisions of this section except to the extent that it does so by express reference to this section. (c) Nothing in this section shall be construed to prohibit withholding taxes from any benefit under this title, if such withholding is done pursuant to a request made in accordance with section 3402(p)(1) of the Internal Revenue Code of 1986[91] by the person entitled to such benefit or such person's representative payee. Hope this helps answer your question. You should also check out infinities references also. |
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Another thing that might not be showing. At the credit I retired from on all loan notes and credit card agreements, there was a clause which stated any funds held as shares can be used to satisfy delinquent balances. |
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