What does it mean to attach a bank account?
Best Ways to Settle Credit Card Debt FAST:
1. Hire The Best Debt Settlement Company
2. Do It Yourself Debt Negotiation Elimination
I owe approx 25k on an unsecured loan. I am unable to pay the minimum payment. I have offered the company a smaller minimum payment but the company states that's unacceptable. Due to a financial hardship/emergency (loss of a job due to job closing), my husband and I can't pay the amount that they want.
Now, we're unable to pay the minimum. We know with this amount of debt, they will send us to court eventually. In our state, there is no wage garnishment. However, we're concerned about them attaching a bank account and what the entails.
If we were to go to court, could we negotiate a payment? Right now, they will not negotiate. They offered a settlement payment, but they wanted like 4 installments of 1000+ dollars. We can't pay the minimum so of course we can't pay that. We're current on all of our other bills.
So…my questions:
*What does it mean to "Attach a bank account"?
*Can a negotiation be made eventually/settlement for lesser payment amount and/or debt amount?
*Is there any hope?
Call into the Dave Ramsey show. He is brilliant! I think that "attach a bank account" means that they can draw from your account the amount due on the due date. I WOULD NEVER GIVE MY BANK ACCOUNT TO A CREDITOR! There is hope, even if that means you have to go to court. If they settle against you in court you will make payments through the court system. Call dave ramsey.
March 11th, 2009 at 1:18 pm
Call into the Dave Ramsey show. He is brilliant! I think that "attach a bank account" means that they can draw from your account the amount due on the due date. I WOULD NEVER GIVE MY BANK ACCOUNT TO A CREDITOR! There is hope, even if that means you have to go to court. If they settle against you in court you will make payments through the court system. Call dave ramsey.
References :
http://www.daveramsey.com/
March 11th, 2009 at 1:26 pm
From what I've been hearing lenders are taking every step they can to work with you to get some kind of payment. It's weird you are having trouble with them taking a smaller payment.
Sorry I don't know the answer to your questions.
I would try calling your lender again, if the first person isn't helpful ask for their manager. Make sure you call customer service & not the number to make payments.
Good Luck
References :
March 11th, 2009 at 1:44 pm
First thing it is possible that company has all your bank information. I worked as a collector at a credit union and they imaged all payments. Or scanned for a better word. If they get judgment from you they will get a court order telling the bank to give all funds to them to satisfy a debt. The question is do they have a judgment against you? For more info ask place you have your checking account with
References :
retired delinquency counselor for world's larges't credit union