Re: Can credit card companies seize personal bank account?

Posted by JKelly (151.197.123.138) on June 11, 2004 at 23:22:44:

In Reply to: Can credit card companies seize personal bank account? posted by Debtuptomyneck on June 11, 2004 at 23:10:26:

When you stop paying on the credit cards they will charge off. Of course you will be receiving phone calls and mail. You don't say if you want to attemp to pay anything, but assuming you can't. This is the way it will go. Inhouse collectors, charge off, assigned or sold to a CA. Whether or not they sue will depend on what assets you have, what state you live in, and what exemptions you have. If you want to post your state, you can look at the possibility of bk. If even one card sues and gets a judgement, then yes they can seize bank accounts. Best thing to do, and now, is to open new bank account without someone else as primary if possible. I assume that at some point you have paid these cards with your current bank account, so that means they have your banking info. This is what I would do. Look at your state exemptions. Determine what is exempt.(what they can't take if they get a judgement) Protect your assets NOW. What you do will depend on your personal situation. I had 13 cards, had an accident and could not pay. My strategy was to ignore CAs. I learned early on that they were not willing to work with me. I actually put my phone on fax during the worst of it. Later, I watched caller ID and let the machine pick up. I also never communicated with them. This strategy worked well for me. In the end, I was sued by one CA. I filed bk, which, of course stopped the law suit, so they got nothing. The trick (if you want to call it that) is to do what you can to protect assets early on. Have a plan. Know what you are going to do if you get sued. Don't talk to CAs, they will lie and threaten, mostly they are blowing smoke. Let the SOL run. Hope for the best, be prepared for the worst. All things considered, even though I was sued in the end, I reduced stress by not allowing CAs to harass me.

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