Hi, I am new to the board. If you don't pay your credit card bill can they automatically take money out of your bank/checking account? Is this legal? I tried to help friend out and I am stuck with all bunch crap now.
Subject: Debiting Money for nonpayment of Credit card bills
Sat Jun 23, 2007 4:27 am
Welcome on board.
Seizure of your account is possible under certain circumstances. Say you have been sued by the creditor and the court has given judgment against you, under this circumstance the creditor, in order to enforce the judgment can take out money from the account. This scenario is legal.
If you have given the credit card company your checking account details for the purpose of payment then it is completely legal to debit your account in case of non payment. If you have not given the checking account then it is not legal to debit without prior consent of the account holder.
Beware there are frauds happening every now and then. Hope you did not give the checking account number over the phone. Credit card scams are very common.
Awaiting your reply.. _________________ Regards,
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.