Credit Alliance Group discusses the effects of Cross Collateralization
Credit Alliance Group discusses the effects of Cross Collateralization
Free Download - Credit Alliance Group discusses the effects of Cross Collateralization By Bryan Garner
Cross-collateralization is a term used when the colateral for one loan or account is also used as collateral for another loan or account. If a person has borrowed from the same bank that they have home loan secured by the house through, or a car loan secured by the car, and so on, these assets can be used as cross-collateral for all the loans. Also if a person has an unsecured debt such as a personal loan or credit card with a creditor related to the bank that the individual has a checking or savings account with, the debt can be taken out of said account. Also if the person pays off the car loan and wants to sell the car, the bank may veto the deal because the car is still used to secure the home loan and other loans. Technically, cross-collateralization expires when the borrower has no outstanding loans with the bank. A cross-collateral provision is widely used by the banks to decrease risk.
If you have a checking account in a bank related to an unsecured debt it may be wise to close the account and move your money to an unrelated bank. It is important to close the account completely or the account may be overdrawn severely if left open; even in the least.
Cross-Collateralization is a very serious matter, and the information above is given as a warning; not all cases are the same. It is something to be very aware of so that you can protect your assets.
Leanne Hoagland-Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else?
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Dave Kurlan
Dave Kurlan is a best-selling author, top-rated speaker and thought leader on sales development. He is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development.
Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit.
He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine.
He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball.
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To learn more about the Evan Elite Author Program please contact us.
I am a Veteran of the
United States Marine Reserve and
retired as a Sergeant of Marines.
I was deployed to Fallujah, Iraq,
in 2006, and have been
working at Credit
Alliance Group debt
management company ever since. I
have had the opportunity to work
in the majority of all the
departments and have a good grasp
on the key business concepts and
how it all works. I look forward
to helping people out with
their debt problems and
giving them an honest outlook on
all their options, not just here
with us. I believe if you have a
good product, why not stand behind
it and also show what your
competition has to offer and let
the consumer decide.
Bryan Garner is a Gold author on EvanCarmichael.com
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