Creditors have frozen my funds for double the debt. I have heard that if you use a credit union or if you have an account in two names that it can't be frozen. I have been getting actual paper pay checks but I now need to have direct deposit but I am afraid creditors will freeze my money sooner or later.
2006-11-29 16:04:14 · 8 answers · asked by Jan 1 in Business & Finance ➔ Personal Finance
They can't touch it if you don't give them the number. Never send or give them the number.
Only winning a court case after a judgment can they seize your account. If that's the case, they will always be able to. If it is a joint account, they can take half of it.
If you already did give them your account number, change it or they will sneakily suck it dry.
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2006-11-29 16:10:28 · answer #1 · answered by MN-Mike 4 · 1⤊ 0⤋
If the creditor has a judgment you can not avoid it. Additionally, it really doesnt matter if its a joint account or not. There are ways around that as well. Laws are a little different in each state.
By the way, about statute of limitations...its 4 years pretty much everywhere and it doesnt matter at this point. Its for the law suit, if they already tapped your account than they have a judgment.
At this point, your best option would be to call in and try and get a settlement so you can get away cheaper. If you do that, make sure you get a letter confirming their offer before you pay them.
2006-11-29 17:21:44 · answer #2 · answered by smile4cobra 3 · 1⤊ 1⤋
Creditors can put a lien on your account whether it is a credit union or a bank. If the debt is old, check your state's statute of limitations to see if the debt is still collectable. Keep in mind that the statute of limitations extends from the last date of activity not just the date of charge off. If you make a payment of even $0.01 the clock starts ticking again!
Check the information at http://www.cardreport.com/laws/statute-of-limitations.html
2006-11-29 16:34:05 · answer #3 · answered by Inquisitive125 3 · 0⤊ 0⤋
Creditors can't freeze your funds. That takes a court order, unless your creditor is the IRS, the IRS can do whatever they want with your account if you owe taxes. Assuming there is no court order and it's not the IRS, your bank should not have allowed them access to your account without your permission.
2006-11-29 16:13:50 · answer #4 · answered by cool_breeze_2444 6 · 0⤊ 0⤋
they might acquire a judgement agaist the guy who owes the money to them in a court docket of regulation and then they might earnings permission to levy any financial employer bills that the guy who owes them is a signer on. I artwork for a large financial employer and that i've got dealt with comparable situtions quite a few cases. you're appropriate wager is to get rid of your call and money from the account or close the account all at the same time.
2016-12-13 17:09:46 · answer #5 · answered by grecco 4 · 0⤊ 0⤋
If you have a joint account they can't touch anything. So if you are married put it in both your names and they can't freeze it.
2006-11-29 16:06:26 · answer #6 · answered by Anonymous · 0⤊ 1⤋
open a new a/c in a diffrent bank put your pay cheque and dont tell any one bout it
2006-11-29 16:22:38 · answer #7 · answered by srini 3 · 0⤊ 1⤋
Pay them what you owe.
2006-11-29 16:11:17 · answer #8 · answered by Anonymous · 1⤊ 1⤋