CA requesting to call back after closing bank account
Date: Fri, 01/20/2006 - 09:32
Do not be worried too much about their threats. Was it an intern
Do not be worried too much about their threats. Was it an internet payday loan or a store payday loan?
First, I would ask for a debt validation to make sure they really own the payday loan account. Please read the threads about debt validation and the sample letter on this site. Then, you need to talk to them to see if you can make payment arrangements using money order etc. (no more regular checks or ACH withdrawal).
What you should be concerned about is your bank's reaction to a negative account. They may report it to ChexSystem bureau and you may have a hard time opening a checking account anywhere else.
stumped How long ago was it before you financial instituion c
stumped
How long ago was it before you financial instituion closed your account. Chances are, it's a local collection agency calling you, and most of the time they'll work with you. But avoiding them will leave them with no choice but to seek further legal action. Banks and credit unions are one area you don't really want to avoid if they are trying to collect their money back.
By chance do you have the name of the collection agency calling you?
Regards-
Mike
stumped It will be better if you can talk to your original le
stumped
It will be better if you can talk to your original lenders and arrange a suitable negotiation with them. Remember, paying off the debt will improve your ratings and thus, chances of getting new credit will be wide open.
If this CA is hired by your lenders, you will still be able to pay your lenders directly without dealing with the collection agency. Ask the CA to send you the details of the debt in writing if they have not sent you till now. Verify each of the items and if you find anything incorrect, place a dispute on it. It will be verified with your lenders and you will be given the accurate details. Depending on this, you will be in a position to negotiate with your lenders and pay off the account.
stumped, you got two problems: 1. You owe money to your own bank
stumped, you got two problems: 1. You owe money to your own bank due to a negative account. 2. You also owe money to the payday lender who caused your bank account to go into negative.
You will have to solve them both. Give high priority to your bank's collector. Try to pay the bank in full to avoid a bad mark on your ChexSystem report. Act fast on this one.
Then, you have to call the payday lender and arrange payments.