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Re: Freezing Bank Accounts- HOW do they get this info?


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Posted by Drew (24.59.27.46) on January 02, 2004 at 20:18:19:

In Reply to: Freezing Bank Accounts- HOW do they get this info? posted by Josh on January 02, 2004 at 19:36:27:

I have some charged off accounts(2) and i want to know (since i keep hearing how they can get some prejudgement decision by a judge to freeze your accounts)how they: 1) get your account #'s (my bank has changed since i defaulted)

Drew: They can get your account numbers by accessing check services sites to see if you have bad checks out there and what bank you do business with, check your credit reports to see where you live and what bank you would likely use, etc.

2) would they freeze a checking AND savings account

Drew: If they could, they would freeze and seize both checking and savings accounts, but definetely savings accounts if your name is on the account as primary.

3)would you have at least be served papers for a lawsuit before they froze the accounts?

Drew: Depends on state and circumstances. Some collection agencies will do it illegally because they know that a lot of people don't have the money to fight back and they don't know their rights, but in some cases where there is considerable debt, fraud involved, or risk of you fleeing, they might try and freeze your accounts. Some states allow creditors to freeze your checking account pending a judgement after they filed an asset. Levying a checking account is where they take the money that is in the account.

and 4) How do they choose who to sue- all these horror stories here are so scary- yet i know tons of people who have defaulted, for 5- 10,000 in credit cardd balances, and were never sued. Do they look at your credit report and see what assets you have?

Drew: It is a mystery of how they choose who to sue. They are a business and they use a statistical model to determine who to sue and who not to sue. THey look at factors such as your credit report, your payment history, your job and income, your other bills, your public record for judgments, liens, past bankruptcies and for your assets, and most importantly they consider how expensive, how time-consuming it is to collect in your state.

There are lots of people who never get sued but there are lots of people who do get sued. Sometimes if you have too much debt, that works in your favor since it is a lot harder to pay and collect a lot of money than a medium sized amount. I hear stories of people with thousands of dollars in debt who never get sued and people who might have only one or two defaults for about a couple of thousand dollars each who do get sued.

It all depends on the creditor and his resources and what he thinks you will do. You never know.




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