Does your loan contract have a cross collateral clause? Ask any CU collector and they will tell you they have used it sometime in their career. They differ widely however the the one I like the best is:

“You give us a security interest in the collateral described herein to secure this debt and all other debt now and hereafter to secure this debt and all other debts now and hereafter owed by you, including all debts incurred by signature loans, credit cards, and overdrafts. Except that this collateral shall not secure any debt from you that is secured by your principal residence. You are giving security interest in you present and future shares or deposits in the credit union.”

Any suggestion? Does yours say anything different?

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