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 Posted: Sat Mar 15, 2008 12:30 am Subject: First Bank of Delaware
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I have an installment loan with First Bank of Delaware.
I defaulted in January and closed my old account.
I stupidly gave my new account info over the phone and debit card # as well.
When they processsed my debit card # it was declined and now they are saying that they will be taking the full amount due since they have my account info.
My question is, can they legally do that if I did not authorize it? It is a different account even.
Thanks
Dawn
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dawn
Joined: 08 Dec 2007
Posts: 8
Debtcc Points: 224
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Posted: Sat Mar 15, 2008 2:16 am Subject:
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Hi dawn, the best thing that you can do at this juncture is to notify the bank to stop making payments to the particular company. And do it without delay.
These creditors can trudge any length to collect the money form the customer. And once they have the account detail and other information, who can stop them from skimming it.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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Posted: Sat Mar 15, 2008 2:21 pm Subject:
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follow tweety's advice. I am curious to know what kind of loan was this for? Was it a pdl or an installment loan?
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ladybug
Joined: 29 May 2007
Posts: 2642
Debtcc Points: 24350
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Posted: Sun Mar 16, 2008 8:24 pm Subject:
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| Quote: | | have an installment loan |
This is an installment loan. And they can take legal action to collect as the loan is legal.
Please check your loan contract...there may be language in there that allows them to debit ANY account in your name for your payment, not just the one you gave them when you first took out the loan.
If you want, you can send them a letter to revoke their ACH privledges, but you will need to make other arrangements with them.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
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