If I made a settlement with a collection agency and have it in writing that they can make a 1 time withdraw from my bank account for a certain amount, and no more and that will settle my debt in full....is it illegal for them to take more than that amount out of my account....or come back later and take more on a different day?
2007-02-20 03:38:47 · 7 answers · asked by Kate R 1 in Business & Finance ➔ Credit
what do you mean by fees and payments?
2007-02-20 03:42:25 · update #1
~Sure. and then you CAN SUE the pants off of them - because that's stealing!!!!
2007-02-20 03:42:16 · answer #1 · answered by Kitten2 6 · 0⤊ 0⤋
No this is illegal, and they are held accountable for the amount they took, plus any and all fees incurred because of the theft!
Take your paper work to the bank asap, and talk to a customer service rep to have the money returned, the bank has to do this as you did NOT authorize the company to take money out, so the bank will have to replace the money and go after the collection agency for the return!
Do this quickly, as waiting will just make it seem like you knew they were taking more cash out of your account.
2007-02-20 11:44:20 · answer #2 · answered by kat k 5 · 0⤊ 0⤋
Did you make a distinction between fees and payments ?
The payment is the amount that you actually owe. The collection agency can add fees for filing paperwork, interest or whatever they feel like. If you authorised that they could take a single payment of a certain amount, they can only take that amount - for payment. They might be able to take another amount from your bank for fees; it will depend what you have signed.
2007-02-20 11:41:51 · answer #3 · answered by Dharma Nature 7 · 0⤊ 0⤋
NO they can not take more from you. You have agreed to a certain amount and that is all they cant take i work for settlement company and do this for a living these other people don't know what there talking about they cant go to court and ask a judge to take more money from you account. You have in in writing don't let these people rip you off
2007-02-20 11:57:58 · answer #4 · answered by t 1 · 0⤊ 0⤋
If you still owe them money, and you've been notified in writing, they can get the Judge to authorize them to take more money out of your account.
One way around this (at least where I live) is to have another person (your spouse) on the account. They can't touch your spouse's money if the spouse does not owe the debt.
2007-02-20 11:43:51 · answer #5 · answered by ♥Lucky♥ 6 · 0⤊ 0⤋
Absolutely. It's theft if they take more than you agreed to.
2007-02-20 11:41:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
as long as it is signed by both parties then they can only do what they agreed on with you.
2007-02-23 00:11:55 · answer #7 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋