If I owe credit card companies money, can they take my money from the bank or anything with my name in it?
I owe money on 3 credit cards. My car got repoed a few months ago and it’s in the process of being auctioned off and I am responsible for paying the difference which is a few grand. I am literally broke. I closed my bank account because I’m scared that the collection agencies have authorization to take whatever is in my name. Is this true? Can you please tell me what to watch out for? This is getting really annoying because there are some things I want to pay for like my phone bill or just simple things here and there and it sucks not having a debit card, it’s so much easier. I even purchased that american express gift card but that’s not even re loadable. Any tips? Also, another crazy thing. I am a new customer with a cell phone carrier and the very next day after getting new service, my phone has not stopped ringing from the creditors. How did they get my number???
Lemon: Thank you for understanding and taking the time to answer this. I’m very scared about the whole bankruptcy thing lol I’ve considered it numerous times before and I even contacted an attorney but when the appt came, I chickened out and never showed up lol
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5 comments
lemonf on November 19, 2009 at 6:31 am
Obviously something has happened in your life to cause this, some people have perfect lives and dont understand I guess.
They can not take any of your money so you can open a bank account again. They will always find your number, they will even call your family and neighbors. If you dont pay they will eventually send it to collections, you will get calls from them for a while and then eventually it slows down.
Have you considered filing bankruptcy? If it is bad enough it might be best for you to get a new start and make sure you do things right the next time. It probably would have been a good idea before the car was repo’d
stan c on November 19, 2009 at 6:31 am
The bank does have a right to take your funds. It’s called the right of setoff. It should be in your contract. The problem is, most consumers do not read it.
Mariselli on November 19, 2009 at 6:31 am
just pay the money as you should. Give them little but give them something.
Jupiter Ceasar Leprechaun II on November 19, 2009 at 6:31 am
i’m in same boat filin bankruptcy legal aid will do it for u free/cheap. They cant take ur stuff wo court order and thats long drawn out process i just hang up onn them when they call reasoning does nothin. Bankruptcy will get u off credit cards and hopefully the car debt as well screw the banks and anyone who judges people like us who have been screwed by system
zerro on November 19, 2009 at 6:31 am
If you are broke it’s time to get some income.
Consolidate your credit cards if you can call here =
http://www.freedomdebtrelief.com/consolidation.php?partner=wm&keyword=consolidation