I'm probably one of those whose previous poor financial
management led me into trouble with the banks ,,, not one but a
few. Now, my credit cards are cancelled, the banks demand payment
and some also threaten to file bankruptcy charges. But what irks me
most is when they "vacuum" the money in my bank account to pay for
what I owe them without even informing me about it first. Imagine
... yesterday I had about $8000 in my account and today it's frozen
... and when I called them, the officer said that they will use the
money to pay for my credit card and line of credit bills. And now I
only have the few dollars in my wallet to support my family; not to
mention being unable to pay for household expenses and other bills.
This is most inconsiderate of them!
Does anyone have similar experience as this before? Is there
anything I can do to get the bank to un-freeze my money? Can anyone
offer any help or advise...?
Banks have the right to "vacuum" ur bank accounts to settle your
outstanding CCD bills. This is stated in the CCD card agreement.
It's also not as if the bank clawed ur cash the first few times you
miss payment. You had money, and you obviously choose not to pay
back, naturally the bank will take action. I am also sure that the
bank had sent many reminders and called you before taking action to
freeze ur assets. It is most inconsiderate of you for being
irresponsible and yet blaming others.
Bank is unlikely to unfreeze your monies, unless you can prove
you can pay them back. If u have other asset maybe insurance or FD
that is not matured yet, sometimes, the bank may accept that,
meaning you sign off the proceeds of your insurance or FD to the
bank.
Just FYI, your credit rating will be drastically affected.
Credit rating will affect your eligibility to take loans of any
kind in future.
