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Gave Bank Info to CA...HELP!!!

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BK4ThisDummy

Junior Member
TN

I sure wish to God I had found this forum about three weeks ago. But now that I am here, I need someone's help...FAST!

Almost a month ago, I was contacted by a rep at a CA who just happened to catch me in a weak (and stupid) moment. I owed approximately 12K on cc debt that was charged off by the orginal creditor in October 2003. Over the last couple of years the debt has been sold to at least 4 different junk debt agencies. The latest managed to get me on the phone and pressure me into making a payment arrangement via automatic payment from my bank account every month. They have my account number, bank name, and routing number. :eek: The first payment was taken out one week ago for the monthly amount that was agreed upon.

YES, I know now, after reading all of the info and horror stories on here that I have made a terrible and incredibly stupid blunder. Now I reallize I truly cannot afford that expense each month and I have been advised to file bankruptcy by a friend of the family who is an attorney who thinks that due to my current debt load (not just the debt mentioned above) and income I would probably qualify for BK.

How do I go about getting this agreement rescinded or should I just close the account and let the CA eat smoke? I need to do this immediately!

Any and all help is appreciated! I know that I've gotten myself into an enormous pickle here and its my fault. I don't deny that at all
 
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Ladynred

Senior Member
Close the account, NOW. Also make sure that they DO close it permanently and completely and do not allow ANY 'prearranged' automatic debits to go thru. I've seen banks do that and people wind up with huge NSF fees on an account they THOUGHT they'd closed permanently.

If you have a lot of debt, few assets, and very little disposable income, then bankrutpcy would be the way out, but do it soon. The new bankruptcy legislation is going to be rammed thru the House next month and then its 6 months after Bush signs it before it becomes law - and our chances for a 'fresh start' will be a thing of the past.
 
Thanks LIR

Thanks again Lady in Red. I closed my checking account today and the bank said that there was no way that they could get another electronic debit from this account. Of course, I will keep an eye on things to see if an NSF does come through in the next few weeks. Boy, the CA is going to be really pissed when they see I closed my account. :rolleyes:

FYI: Most banks will not intercede in the arrangements you have made with third parties such as heath clubs, collection agencies, and the like where automatic payment arrangements have been made. I know this, because I asked if there was any way that they could block only this one entity from debited my account, so that I could avoid closing the account. They said that they could not. So I closed the account and immediately opened a new account with the personal banker right then and there. BTW, this was Wells Fargo and the lady compeletely understood my situation and was very sympathetic and helpful. I go for my consultation with a bankruptcy attorney next Wednesday. :(
 

Ladynred

Senior Member
Well, I guess I must have lucked out in my choice of banks then, and I bank with a LARGE bank. I have had these types of automatic debits stopped more than once with no arguments at all. Lucky me ;)
 

JETX

Senior Member
Shrike1070 said:
I closed my checking account today and the bank said that there was no way that they could get another electronic debit from this account.
Did you close the account in WRITING?? With proof of their acceptance??
If not, get hold of your bank and get the closure (and no charges) in writing!!
 

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