Its been 2 years since I had any credit problems but I still have 2 credit collection agencies on my credit report listed as open. I have managed to save about $10,000 and I want to invest it or open some type of money market account or something but Im afraid they will somehow be able to take it or freeze my account. Does anyone have any good detailed info on this or any experience with this?? I have been working to repair my credit and I just want to know when I dont have to worry anymore about these creditors. I don't want to file bankrupcy.
2006-10-04 07:26:10 · 9 answers · asked by Kristy R 1 in Business & Finance ➔ Credit
If you still owe somebody money, you are better off to use that $10,000.00 to pay them off, and get yourself clear. If you keep cash, and you do have outstanding debts, the creditors can sue for a judgment against you, put a lien against your accounts, and in some cases they can garnish your wages (meaning your employer is required to take money out of your pay and send it to the creditors rather than giving it all to you.) If you DON'T owe any money to anyone anymore, you should contact the credit reporting agencies and begin the process of correcting your report, so it doesn't list those collection agencies any more.
2006-10-04 07:29:22 · answer #1 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
Basically the Collection Agency cannot unless they seeked a judgement/lien from the Court and won. I assume you are not in the USA. We here have an agency called FDCPA (Fair Debt Collections Practices Act) that governs what Collection Agencies can and cannot do. If the issue is on a Government level (eg: Income Tax, Federal, FBI, etc--yes, they can get the money from your Bank. Other than that, they cannot take money from you. Is the Credit Card Issuer the same Bank that took your money? If so, I believe they can do that. Please feel free to email with any other details. :)
2016-03-27 04:51:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
a collection agency can not take your money. the bank is not allowed to give it to anyone but you. the only entity allowed to seize your money would be the government. thru legal means these agencies might, and i rather doubt it, be able to get your accounts frozen till some kind of arrangement is made to pay them off but these two debts would have to be substancial for a creditor to mess with that kind of legal wrangling. do not worry, invest your money and relax. but you might consider paying them off so you can finish the credit repair.
2006-10-04 07:34:18 · answer #3 · answered by fn_49@hotmail.com 4 · 0⤊ 1⤋
Certainly not, your money should be safe in the bank, unless there is a court order. And how in the world these collection agencies know you have deposits unless you tell them so? If they're threatening you of any sort, don't believe them. It's their job to pressure and collect payments. What you can do is to negotiate workable terms of payment.
2006-10-04 07:44:58 · answer #4 · answered by Anonymous · 0⤊ 1⤋
They'd have to get a judgement-- or default judgement (as in, you didn't show up to court)-- to do it (unless your savings account is with the same bank that you had a charged off credit card with).
Just pay off *YOUR* debt and be done with it.
2006-10-04 08:27:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Legally, I don't believe collection angencies can do that. I'm pretty sure that your money can be touched to pay taxes and that's it. If it's been two years I believe you may have exceeded the statute of limitations. Have you recently acknowledge that you owe money?
Why have you saved all that money with debt? You can't earn enough on investments to rationalize not paying of high interest debt.
2006-10-04 07:53:23 · answer #6 · answered by Courtney 2 · 0⤊ 1⤋
They can go after your assets only if it is a secure loan such as a car, home or anything else that you might have signed using your assets as collateral. Credit cards usually are not a secure loan and they can not garnish your wages or touch your savings in any way.
2006-10-04 07:39:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i dont think they can unless they have a lean put on the account but im not sure what they need to do that. probably depends on the type of debt.
2006-10-04 07:29:32 · answer #8 · answered by Steve Dave 3 · 0⤊ 0⤋
they would need a court order to do so
2006-10-04 07:29:44 · answer #9 · answered by ? 6 · 1⤊ 0⤋