Can you get a loan to pay off another loan?

Question

My husband's work pays through a credit union which is a direct deposit. He and his dad took out a loan through his credit union for a truck and totalled out the truck and didn't have insurance. Now his credit union is wanting the remaining balance on his loan in full because it is now an unsecured loan. The credit union is also holding his entire check so we don't have any money. His mother thinks that they can go to the same credit union and take out another loan for the amount that he owes or go to his dad's credit union to try to take out a loan for that amount. The problem is that his dad co-signed and the reason that he got the loan through his credit union is because his dads credit union wouldn't aprove it. So would his dad's credit union give them the loan to pay off the remaining balance since the loan isn't with them?? I don't understand how that would be possible.... please help.

Answer 1

Let me get this straight.... u want to take out another loan to pay off the present loan that you can't pay???? Then how will you pay for the next one?????

First of all, I hope you slapped him upside the head for driving such an expensive investment without insurance.

Secondly, I believe with-holding paychecks is unlawful, unless there was a court judgement. So I'd check that with a lawyer.

Thirdly, ur irresponsible hubby needs to tell his employer to stop direct depositing his paychecks.

Lastly, you guys are screwed. You'll need to pay this off somehow even when there's no car to enjoy.... or file for bankruptcy.

Answer 2

Only if their credit is good enough to qualify for a personal loan that large. They'll have to ask.

Classic demonstration of why it is so incredibly stupid to drive without insurance.