stopping auto payments

Date: Mon, 10/20/2008 - 17:26

Submitted by anonymous
on Mon, 10/20/2008 - 17:26

Posts: 202330 Credits: [Donate]

Total Replies: 5

I cancelled my dmp effective today. The "deal" Amex wanted was riduculous. It's cheaper to pay it monthly myself. Anyhow, I want to be sure the debt mgmt company cannot continue the automatic withdrawals from my account. I do trust them that they will cancel my account as requested (everything else has been on the up and up) but would feel better verifying myself.

So, what do I need to do to ensure that no further payments are permitted to them through my bank? We bank with BOA.

Thanks-

I think you should talk to your bank regarding this and place an

I think you should talk to your bank regarding this and place an ACH block on the same. In addition, it is more meaningful to communicate in writing regarding the automatic withdrawal with the debt management company.

lrhall41

Submitted by phoenix on Mon, 10/20/2008 - 23:56

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debt

KRISTIN......on your 'subject' you have "Stopping auto payments." Do you still have this automobile? I'm just trying to be a bit more clear on this issue. I know on vehcles that you are financing you can't stop the payments because the vehicle isn't your yet. I'm just trying to help, but, would like a bit more facts.

lrhall41

Submitted by sdchargers_63 on Tue, 10/21/2008 - 03:39

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I agree with Phoenix ~ Stop by your bank and see if it's possibl

I agree with Phoenix ~ Stop by your bank and see if it's possible to put a block on the ACH withdrawal. That way you won't have to chase them for a refund if they put one through "one last time".

When was your next one supposed to be? Does it say anything in your agreement about what needs to be done to cancel an account? I ask this because I could imagine some small print saying that you need to give 30 days notice, etc.

lrhall41

Submitted by debrag_25 on Tue, 10/21/2008 - 05:41

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.

The others are right.

lrhall41

Submitted by Bman90278 on Tue, 10/21/2008 - 06:48

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sdchargers, sorry for the confusion. I meant stopping automatic

sdchargers, sorry for the confusion. I meant stopping automatic withdrawals from my bank account.

I just checked my contract with the dmp. All it says to do is notify them in writing to cancel the account. There is not a 30 day wait or anything. The person I spoke with said to email the information to their cancellation department. I haven't heard back from them yet. My next payment isn't until November 1. Essentially since I did not agree to the terms Amex wanted, it cancelled my account automatically. But I still want to be sure.

I will contact BOA to have them put a block on the ACH just to be sure.

Thanks for the help!

lrhall41

Submitted by on Tue, 10/21/2008 - 13:27

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