I owe the bank 500.62!!! I have NO money what so ever!!! And they sent me this paper saying that if I don't call them within 7 days they are going to take me to court, and I can get put in jail!! I am so scared!!! OMG. Please help!!!
2006-11-22 04:22:50 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
The only thing you can do to avoid jail ( because you took what you did not have?) is file bankruptcy, if you can't afford an attorney find a pro bono place that offers free advice, they can probably help you get this fixed without any jail time.
2006-11-22 04:30:01 · answer #1 · answered by meanstreak2u 1 · 0⤊ 0⤋
First.... breath.....
Now, banks very rarely lock people up unless:
a) you are passing bad checks
b) you are stealing from someones account
c) they have you on video tape robbing the bank.
Call the number on the letter, talk to a representative and make payment arrangements. These letters are meant provoke just the reaction you are having.
The truth is unless you have written a check on an account that you know is closed or has no activity, they will not come and get you. They WILL try to collect, and if the can't they will write off the debt, report to the credit bureaus, and sell the debt to a collector. But there is one very important detail, they pursue debts of moere than 500 dollars more vigorously. I'm not sure if the .62 over puts you in a different catagorey.
Bankruptcy is not the answer. Not for a 500 dollar debt. A lawyer will cost you more than the debt is, so try to handle it yourself. When you pay the debt you will be able to open another account. May I suggest a debit card account.
I am not proud of it, but I currently owe the bank a few dollars. No one is coming to get me. I just ignore the letters and send whatever I have. They will ALWAYS take what you send them. Keep records and copies of all payments and correspondence.
It is not the end of your finacial life. And don't let anyone try to make you feel like a felon. This happens to lots of people. Sometimes because of bad bookkeeping, sometimes hard times such as job loss or illness.
Don't panic. Call the number on the letter and make arrangements.
Good luck.
2006-11-22 12:36:14 · answer #2 · answered by msrastarules 2 · 0⤊ 0⤋
Unless you actually committed blatant fraud, you are not going to jail. In fact, it is illegal for them to even suggest you might go to jail just for owing them money.
Go to www.ftc.gov and look up consumer stuff, the go into credit and collections. The laws about collecting debts are strict, and taken seriously. Document every call and everything you are told. Then file a complaint with your state attorney general.
2006-11-22 13:33:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call the bank immediately and set up a payment plan. If not, then take a cash advance from a credit card which you can pay over time.
2006-11-23 00:10:16 · answer #4 · answered by Steve R 6 · 0⤊ 0⤋
You dug your hole...now fix it... CALL THEM and make arrangements.
Get off the computer and get a job, a second job or a third or fourth job. Its only 500 bucks GOOD GAWD you should be able to come up with that ina day or two...
2006-11-22 14:54:47 · answer #5 · answered by Kitty 6 · 0⤊ 0⤋
I agree. Call them and they will allow you to make payments to them. If you ignore them, you will have legal troubles, your credit will be damamged (if it's not already) and you won't be able to open an account with some other banks. It's really best to make the effort to handle it.
2006-11-22 12:31:44 · answer #6 · answered by AprilinVA 2 · 0⤊ 0⤋
call the bank and make pymt arrangements, they will be more willing to help a person who calls and let them know their situation than people who dont call and ignore their letters
2006-11-22 12:27:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It only gets worse if you ignore them. If you can plead your case here on Yahoo! you can plead your case to them. Even if you did $5.00 a week or $5.00 a month - theres got to be something you can do.
Just don't ignore it.
2006-11-22 14:56:32 · answer #8 · answered by Cheryl S 2 · 0⤊ 0⤋