Hold on account

Hi!
Welcome to the forums!
Arrow finance can put a hold on your checking account with a court order. They can do so by filing a lawsuit against you for the non-repayment of the account held by them. Once they win the case and secures a judgment order from the court, they inform your bank about it. The bank at first freeze your checking account for a month or so. If you don't pay off the debt within that period, then your checking account will be garnished.

I think at first you should go to the court office and check if a case has been filed against you. I think you may not have received the court papers by some mistake. If a case has really has been filed and since you have not done anything about it, the case has gone to the collection agency's favour. In such a situation, you can contact Arrow Finance and negotiate a payment arrangement. If this is not possible, then you can pay off the judgment. Once you pay it off, request them to update your account status as "paid judgment".

In case, arrow financial has put a hold on your account without a court order, then you should take legal steps against them. You should consult an attorney asap.