Checking accounts linked to credit cards
Date: Mon, 06/22/2009 - 16:08
However, the credit cards obviously have my checking account info on file. should I empty this account once I'm past due? I was told by a friend of a friend who works for a debt settlement company that they cannot debit my checking account with out authorization at ANY time. I mean, even if I had previously paid by paper check vs. online they'd still have my bank info from the paper check.
Also, once I'm past due and the calls start coming in; how much info do you give them regarding amount of money you make, etc.? My monthly income fluctuates greatly so it'll be easy to dodge but I don't want to say anything that could hurt me down the road come settlement time.
thanks.
why are you intentionally going to default? good credit overrat
why are you intentionally going to default? good credit overrated? maybe you should talk to your cc co to try and work something out before you default. your plan makes no sense.
Well, while fighting tooth and nail to make minimum payments for
Well, while fighting tooth and nail to make minimum payments for the past 4 years, I've all but doubled my cc debt which is now at 85k. My income has dramatically decreased the past year or so and I am no longer able to make all these obligations. The mortgage, car, and living expenses need to take priority now and therefore, the cc will be last to be paid, and once I start falling behind, I have very few options.
I really never gave you a "plan" or reason why I'm going to start missing payments but since you're asking, it's because I don't have the income to do so. I have good credit now since I've never been late but I've had to rob Peter to pay Paul the past 4 years. I have a house and car so quite honestly I don't really care if my credit goes to crap for 5 years or so. I need to fix the past mistakes and move forward.
If you have good credit and have made all your payments on time
If you have good credit and have made all your payments on time or even if youve been late on a few, contact your cc companies and ask for a payment plan with a lower interest rate. they will probably freeze your account so that you cant charge anymore on it until your payment plan is up. I had not so good credit and citi cards dropped my interest from 24.999% to 0% for 12 months and its been a big help. but to answer your question, no, the cc companies cannot ake any money out of your account without your authorization. Believe me, i know. But if i can offer another opinion, if i were you, i would look into reliable debt managemet companies that can help with your cc debt. it has been a lifesaver for me.
I tried asking the ccc's for help and to lower interest rates an
I tried asking the ccc's for help and to lower interest rates and they would not do anything when I was current on my payments. When I could not make payments anymore, then I started getting calls about reduced interest and lower monthly payments.
Too little, too late. I am now in the process of diy settlement and it was a great relief not making those monthly payments. I know I will have to deal with them all down the line and will cross that bridge when I get to it.