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What course of action can I take if the Creditor has misapplied my payments and placed my account in a charge off status without notifying me of same?
Wiki User
∙ 15y ago
First of all, I would imagine the creditor is obligated to notify me prior to placing my account in charge-status. In addition, once I notifed the creditor of the error I would expect for the creditor to produce any information (billing statements, letters, payment ledgers, etc) reflecting the history of the account. Lastly, if I am able to to produce billing statements from previous years reflecting the same balance as the amount claimed to be owed via the creditor, this should demonstrate there is some issue with their accounting department and/or process. If I am able to demonstrate and produce returned checks that clearly deduct and/or reduce the balance owed, the creditor should be required to track the payments and rectify the problem. Hopefully, the information relating to the account has/will not adversely impact my ability to secure loans at a reduced rate and/or secure any additional credit. If so, there could feasibly be a claim for defamation of character relating to my credit profile.
Wiki User
∙ 15y ago
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Can you make payments to a creditor who froze your bank account?
Payments can be made from out of the frozen accounts simply by authorizing the bank to transfer the money in the frozen account directly to the creditor.
Can a bank go into your checking account and take money out If I am overdue on credit card payments?
It depends. If:you have a monthly loan repayment agreement with the creditor wherein the creditor automatically deducts your monthly payments from your savings account oryou have defaulted on your loan payments for more than 2 or 3 months and haven't contacted the creditor reg. the sameThen, the creditor can withdraw money from your account (if there is any cash available) towards your loan repayment. Otherwise the creditor cannot deduct any money from your account without intimating you.
IF SOC.SEC. AND V.A. PAYMENTS CAN NOT BE LEVYED.BUT IF YOU HAVE DIRECT DEPOSIT CAN A CREDITOR TAKE IT ONCE IT IS IN THE BANK?
Yes, if the creditor puts a lien on your bank account or freezes your funds this money can be effected because it is considered an asset once it is in your account.
What is a Derogatory public record or collection?
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.
If an account is charged off but payments are current on the account can a lender repossess collateral?
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
Can an account be sent to collections if you are making monthly payments?
Yes, an account can still be sent to collections even if you are making monthly payments. If the payments are not meeting the agreed terms or if the creditor believes the account is at risk of defaulting, they may send it to collections to recover the debt. It's important to communicate with your creditor and try to negotiate a manageable payment plan to avoid the account being sent to collections.
What does write-off mean on a credit report?
A write off means a charge off. This is one a creditor closes an account due to non payments.
Is it legal for a creditor to send an account to a collection agency after one and a half years without ever notifying the customer that they think a bill is owed?
Yes, the original creditor is not bound by the FDCPA. The collection agency must however inform the debtor that they have thirty days to request confirmation of the debt or to dispute same.
What does it mean if the original creditor recalls your account from the debt collection agency?
Same thing happened to me..... what does this mean? I have not heard anything back from original creditor and was making timely montly payments to collection agency... I am confused and a little scared
How does a creditor know where your bank is?
can you keep a creditor from finding your account
Can a creditor put an attachment on a joint account in NY?
A creditor can put an attachment on a joint savings or checking account in NY. When an account is held jointly with another individual, the creditor does not know who contributes more to the account and secures the account as an asset.
How do you get a creditor to withdraw late payment reports that occured after you filed BK if the creditor claims they can continue to report this?
If the account with the late payments was discharged in the bankruptcy, that account needs to have all information removed except for the "discharged in bankruptcy" (or similar) statement. Once the account is discharged, continuing to show late payments is like hitting the consumer twice. Send the original creditor copies of the pertinent pages from your bankruptcy papers, copies of your id, ss card and a letter requesting that they change the way the account is being reported to the bureaus. Concurrently, write the bureaus and request the same changes. If you are not successful, you may have to file suit to have the information shown accurately.
