You're very kind for replying so quickly! Thank you! I am just worried because I am called repeatedly throughout the day, every day, 7-days-a-week by several debt collectors! I only get Social Security and am actually paying everyone I owe, (but the debt collectors only get $2/month! I feel obligated to pay SOMETHING, because I'm afraid if I stop - they'll have grounds to get a judgment against me. I have contemplated suicide over this situation. (Not right now, don't worry)
@z9a1yate You do understand that SS benefits are exempt from garnishment, right? That means they couldn't get them even if they did have a judgment. That's called being "judgment proof," which is a little bit like being bullet proof. Don't I have a video on here about telling debt collectors to stop calling? Have you watched my other videos? You are suffering far more than you deserve.
I am on Social Security Disability and am very despondent over old credit card debt that I had paid on for years but the companies kept adding on unfair penalties and fees and raising the interest rate so now I owe twice as much as the original debt! A relative of mine is my Representative Payee and pays my bills to the collection agencies. Is my check safe from them if they see the account number and bank on the Rep Payee checks to them? Thank you also for your helpful videos! You're great!
@z9a1yate Remember that in order to garnish anybody, the collector must have a judgment against that person. And they could only garnish money/accounts held for the person they've sued. And remember also that they are not entitled by law to garnish SS benefits at all. What hurts people with money in bank accounts is that the money gets frozen in the account. Guessing here, but your relative may know better.
I don't receive SSS, and I've never given debt collectors my bank info or even set up any kind of payment arrangements with them. However, I was paying all my credit card bills online through my bank, not auto draft though. I was making the payments month to month. Do I have to worry they will take my funds? If I switch banks can they still do this?
@scorpionimph yes, you do have to worry. If they got the routing number of your bank, which I assume they have, then they have what they need to seize your account if they get a judgment. If you change banks, they won't have that information. Sometimes they will look and find, but often not.
@rayme4raw Ha ha! I guess you could boil a 15 minute presentation down to that! There might be a couple other things in there, too. But it's true that savings in the bank are at some risk of collection. My point, though, was that you want to keep your banking info out of the hands of the collectors. Not necessarily don't use a bank, but don't let debt collectors know which ones you're using. Thanks for the comment.
@Fightdebt True, unfortunately, I wrote a few checks with my new bank account to my other banks so they do have my information. I do understand that the money in my bank belongs to the bank unless I pull it out. it's getting scary out there, thanks for your attempts to illuminate these issues to us in y t land.
@rayme4raw Thanks for the comment. I do appreciate that. Luckily, debt collectors aren't too energetic most of the time, so I mainly worry about checks that you actually write to the creditor in question or to the debt collector that gets it later.
You're very kind for replying so quickly! Thank you! I am just worried because I am called repeatedly throughout the day, every day, 7-days-a-week by several debt collectors! I only get Social Security and am actually paying everyone I owe, (but the debt collectors only get $2/month! I feel obligated to pay SOMETHING, because I'm afraid if I stop - they'll have grounds to get a judgment against me. I have contemplated suicide over this situation. (Not right now, don't worry)
z9a1yate 9 months ago
@z9a1yate You do understand that SS benefits are exempt from garnishment, right? That means they couldn't get them even if they did have a judgment. That's called being "judgment proof," which is a little bit like being bullet proof. Don't I have a video on here about telling debt collectors to stop calling? Have you watched my other videos? You are suffering far more than you deserve.
Fightdebt 9 months ago
I am on Social Security Disability and am very despondent over old credit card debt that I had paid on for years but the companies kept adding on unfair penalties and fees and raising the interest rate so now I owe twice as much as the original debt! A relative of mine is my Representative Payee and pays my bills to the collection agencies. Is my check safe from them if they see the account number and bank on the Rep Payee checks to them? Thank you also for your helpful videos! You're great!
z9a1yate 9 months ago
@z9a1yate Remember that in order to garnish anybody, the collector must have a judgment against that person. And they could only garnish money/accounts held for the person they've sued. And remember also that they are not entitled by law to garnish SS benefits at all. What hurts people with money in bank accounts is that the money gets frozen in the account. Guessing here, but your relative may know better.
Fightdebt 9 months ago
I don't receive SSS, and I've never given debt collectors my bank info or even set up any kind of payment arrangements with them. However, I was paying all my credit card bills online through my bank, not auto draft though. I was making the payments month to month. Do I have to worry they will take my funds? If I switch banks can they still do this?
scorpionimph 1 year ago
@scorpionimph yes, you do have to worry. If they got the routing number of your bank, which I assume they have, then they have what they need to seize your account if they get a judgment. If you change banks, they won't have that information. Sometimes they will look and find, but often not.
Fightdebt 1 year ago
So in other words, keep your savings out of the bank. Thanks for warning me, this will help me a lot.
rayme4raw 1 year ago
@rayme4raw Ha ha! I guess you could boil a 15 minute presentation down to that! There might be a couple other things in there, too. But it's true that savings in the bank are at some risk of collection. My point, though, was that you want to keep your banking info out of the hands of the collectors. Not necessarily don't use a bank, but don't let debt collectors know which ones you're using. Thanks for the comment.
Fightdebt 1 year ago
@Fightdebt True, unfortunately, I wrote a few checks with my new bank account to my other banks so they do have my information. I do understand that the money in my bank belongs to the bank unless I pull it out. it's getting scary out there, thanks for your attempts to illuminate these issues to us in y t land.
rayme4raw 1 year ago
@rayme4raw Thanks for the comment. I do appreciate that. Luckily, debt collectors aren't too energetic most of the time, so I mainly worry about checks that you actually write to the creditor in question or to the debt collector that gets it later.
Fightdebt 1 year ago