a friend of mine just had all their money taken out of the bank by someone they owe money to. i have a lot of unpaid debts too, and i'm wondering if they can do that to me?
2007-03-16 08:57:11 · 7 answers · asked by Holly 2 in Business & Finance ➔ Credit
Only if you keep money in the account.
Now, why would you do that?
.
2007-03-16 09:07:04 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It is possible. Debt collections usually take a long time to get to that point though. First the company you owe money too will send you a lot of notices, probably three or four threatening to send the debt to collections. If you don't take care of the debt then, a collections agency "buys" it and then attempts to retrieve the debt from you. They will often offer you settlements where they accept the original principle take the interest off the debt, and/or offer payment plans. However, if this fails, depending on your contract they can either move directly to the next step or sue you for the money. Next usually comes a garnishment of wages. If you are employed, they can send a request to your employer telling them to retain a certain percentage of your wages and send it to the collection agency. After this point, then they may start going after your property (this is probably at least two or three years after the original debt), starting with your bank account.
You will be notified before the money in your bank account is threatened. The only good thing about debt collecters is they have to notify you beforehand about EVER action they are going to take against you.
2007-03-16 09:19:04 · answer #2 · answered by Wildernessguy 4 · 0⤊ 0⤋
Depends on the kind of debt and contract. some people sign contracts that authorise the lender to withdraw money automatically from their accounts (ACH), if you do not have that kind of option signed, no one can withdraw money from your account, unless of course you owe money to the IRS.
2007-03-16 09:02:38 · answer #3 · answered by Ola 4 · 1⤊ 0⤋
Depends on the bill and where you live.But in some places this is against the law last I heard it was against the law except for the IRS and State.Even then they have to garnish your paycheck instead of that.I live in Ga.
2007-03-16 09:03:24 · answer #4 · answered by billieleann78 4 · 1⤊ 0⤋
PLEASE do not pay interest to INDIANIADUDE. I AHVE BEEN watching HIS suggestion AND he's way OFF BASE. HE can provide a similar suggestion for each question AND he is going TO GET people SUED with assistance from creditors in the journey that they pay interest to THEM. OFFSHORE economic corporation account NO. in person-friendly words a economic corporation account in the COUNTY THE JUDGMENT replaced into FILED IN except it really is TRANSCRIBED to a distinct COUNTY. no longer overseas, expenditures too a lot TO BE executed.
2016-11-26 00:23:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the short answer is "yes", but its a multi-step process.
1) they have to sue you
2) they have to win
3) they have to get a "writ of garnishment" from the court.. Basically, that's a court order that the bank must give all a certain percentage of your money to the credit card company.
2007-03-16 09:02:54 · answer #6 · answered by Michael W 3 · 1⤊ 0⤋
The short answer is yes it can be done.
2007-03-16 09:13:31 · answer #7 · answered by ? 7 · 0⤊ 0⤋