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Question
I took a payday loan and could not paid for it back because I got ill and loss my income for a while, I have received and e-mail stating that I will be send to a Check Recovery Agency which they look around to see If I have open another checking account and the e-mail said they will then take the money out from this other account, I closed the original account after they said they were not going to work with me in repaying the payday loan, but since them I have another bank account with a totally different bank, so is it true that they will look to see If I have a new checking account and then without my permission take the money out of this new account?? I will think that is illegal I have not given them the new account information and the original payday loan was done on the account I closed. Please let me know.
Thanks
No they cannot get into your other account. In fact, they cannot access information about other accounts, period. This is not public information due to privacy laws. They must first file civil suit and get a judgment, then they can shotgun garnishments to several banks in your area and hope they hit something. This is the only way unless you have used the account with them in the past and they kept record.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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