Can you stop payday loan debt collectors from getting into your bank account? The answer will be maybe. It depends on your specific circumstances and the state law where you live. For that reason, it’s best to seek an attorney’s recommendation or a debt settlement expert’s advice.
How can your debt collectors access to your bank account?
They need to get a court order. This means that they must sue you and win. If the judgment is against you, they can have access to your bank account.
That said, you don’t have to live in fear that your creditors could access your bank account anytime until they get the judge’s favor.
However, in some cases, debt collectors don’t need to get a judgment’s favor to gain access to your bank account. If you have made a federal loan, along with your payday loan, the federal government doesn’t require a judgment to work against you in order to access your account.
If you’ve given your lenders access to your bank account when you obtained your payday loan, you could be sure that your creditors and debt collectors are going to collect what you owed to them by gaining access to your bank account.
For that reason, you should never give your creditors your bank account information. Unfortunately, most payday loan providers require their customers to give them their bank account information to ensure they could repay them. If you’d allow them to debit your account, then you’re giving them permission to continue doing it. Worse, they could take more than the full amount you owed.
Now, if your creditors did take more money from your bank, you’re going to prove it, which could take a lengthy process. It might also require for you to file a lawsuit against your creditors. As you know, a lawsuit could be expensive.
To avoid your creditors to get your funds from your bank account, you should never allow them to access your account information in the first place. This is never a good idea. If your creditors insist that you provide them your bank account information before approving your loan, you should open another bank account specifically to pay for your payday loan. Then, you should only deposit money that your creditors want to have.
To get help
You can stop payday loan debt collectors from accessing your bank account by contacting a local attorney or consulting a debt settlement expert. The latter is cheaper as the expert’s initial consultation is free. A debt settlement expert is also knowledgeable about the state laws specific to your situation.
