I just got a notice from some collections agency called Portfolio Recovery Associates in Virginia stating that I owe them $4200 on a debt I supposedly owe to MBNA/ Bank of America in the amount of $1500 from 2003. It stemmed from an account overdraft protection that was put on my account in 2000. The banker that opened my college checking account offered the service and I said it sounded okay, he then said that I would receive some paper work that I needed to sign in order for that service to begin. I got the contract and looked it over and did not sign or return it. I remember not paying the charges because I never signed a contract saying that I would accept. Do I owe and if so, why. What are my possible defenses?
2007-01-19 00:59:29 · 8 answers · asked by varia 1 in Business & Finance ➔ Credit
Ask them to send you a copy of the contract you signed for this money. If you didn't sign anything, then they will provide you with nothing, or they will provide you with forged documents and then you have a case to get this cleared.
2007-01-19 01:03:21 · answer #1 · answered by lifesajoy 5 · 0⤊ 1⤋
If you took the $1500 from them, then you owe them the money. It's pretty simple. Under what theory would you keep $1500 that doesn't belong to you? They will argue that the first time you accepted into your account the overdraft protection in whatever amount it was, you agreed to their terms. Obviously you continued to accept money into your account after that. So negotiate a payoff with them asap.
2007-01-19 09:07:07 · answer #2 · answered by Mrs. Strain 5 · 0⤊ 0⤋
Was the overdraft protection a condition of the contract? In some cases, simply accepting the consignments of the other party can constitute good faith acceptance of the contract.
2007-01-19 09:09:39 · answer #3 · answered by M O 6 · 0⤊ 0⤋
if you had acess to the service and benefited from the use you owe the money. However you can dispute the extra charges and fees. Are obligated to pay the original debt
2007-01-19 09:24:07 · answer #4 · answered by aspersonalasitgets05 1 · 0⤊ 0⤋
If you didn't sign anything then you are not responsible for this.. I agree with another answerer ask them to send you the contract that signed you up for this.. I would also think about changing banks. If they did this to you what else are they doing?
2007-01-19 09:07:56 · answer #5 · answered by sunflower12687 2 · 0⤊ 1⤋
THe company has to provide you proof of signature. If they cant produce these documents, by law you are now obligated to this account.
2007-01-19 09:06:58 · answer #6 · answered by WillsBroncoGal 3 · 0⤊ 1⤋
if you didnt sigh anything you should not be liable. take the paper to a financial aide office at a local college and see if they can help.
2007-01-19 09:06:12 · answer #7 · answered by Anonymous · 0⤊ 1⤋
if you didnt sign you dont owe
2007-01-19 09:04:47 · answer #8 · answered by booge 6 · 0⤊ 1⤋