Utah Power Credit Union

Members Beware

I have had 10+ consumer loans with Utah Power over ten years. I have never missed a payment. Most of my family banks here, and were unaware of these issues.

Two years ago, my husband and I purchased a property to start a business. I took a loan against my truck with Utah Power to help fund a remodel. I also carried a credit card, ATV, and personal loan with them. We later found out that the previous owner of our property failed to disclose MAJOR environmental contamination. We worked with lawyers, but were eventually forced into bankruptcy.

Our bankruptcy lawyer told us we could either let the credit union repossess the truck, and ATV, or reaffirm the loans and continue paying. He told us to stop paying for the unsecured debt because it would be discharged in the bankruptcy.

About a month after filing, my debit card stopped working. I called and was told that because we were over-due on our unsecured debts, the debit card was blocked. Also, I was informed that the credit union had CROSS-COLLATERALIZED our loans. Basically meaning they tied our unsecured debts to our secured debts in the loan documents. Only, NOBODY ever told us about this. This is something they are SNEAKING into the fine print of their loans. In short, if I want to keep my truck and ATV, I have to pay off the personal loan and credit card too. Or I have to let them have my truck and ATV. What the heck is the point of bankruptcy, right? Gotta love it when companies find a way to circumvent the rules.

This company builds reputation on treating members like “family," and giving "financial power." They claim to want to build “lifelong relationships.” That is… until your life comes crashing down around you and then they want to add salt to your wound.

They are not telling members that they are basically “securing” “unsecured” debts. They are capitalizing on interest rates for “unsecured debts” that technically are not! If you can't make your credit card payment, they can take your car!

I get that it’s my responsibility to read a contract, but how many of us actually are? You sit across from a loan officer and sign when they say “sign.” Or skip through a Doccusign contract and trust you’re being told the truth by signing.

They are now reporting missed payments on my personal loan and credit card to credit bureaus. They CANNOT do this. It is against bankruptcy code.

When I asked how I was supposed to access my money, they told me to take it somewhere else. When I did show up to withdraw my funds I was forced to wait and told it had to be approved by a specific management employee before I could have it - they cannot do this.

It is to the credit union’s advantage to let me re-affirm. They would receive full payment for the truck and ATV. If they repossess both, they will receive less, after marketing and trying to sell used vehicles that I currently owe high book value on. Even better is that my truck bed is rusted through, has been in two accidents, and needs thousands in other repairs. So if you see a 2014 Toyota Tundra at a branch, make sure you barter down the cost as much as you can!

My lawyer has kindly asked them to let us reaffirm on the secured debt and write off the unsecured. They are refusing. For no apparent reason other than to make our lives harder.

My total amount in unsecured debt is $14,000. In my 10+ loans with them I have paid an astronomical amount more in interest to them over the years. The least they could do is respect that I have done my best and lost. They’re not the one’s who are loosing all they have, I am. They are not the victim here.

If you are a member here, call and request your loan documents! If you find cross collateralization, and you weren’t informed, you’ve been lied to. I suggest you take your business somewhere else!

Bankruptcy was our last resort. I’ve beat myself up enough over it. I didn’t need the extra help! Thanks, Utah Power!