% of account withdraw

[suprab808]

If you have a loan with a bank and you become deliquent what is the Federal limit that bank can take from your account?? Even if you cleared the negative amount owed?? Thanks

 

[PurdueRy]

um....ever heard of a collection agency?

But you're right. They will see that you owe a lot of money but give up once they see that your bank account is empty.

 

[suprab808]

I understand the collection agency. But even for a collection agency isn't there an amount they can take from you. Or they can keep stripping you of every dime?

 

[FoBoT]

are you talking about garnishments? or what?

the OP is vague

 

[j00fek]

just pay the loan and you wouldn't have to ask questions like this

 

[PurdueRy]

Originally posted by: suprab808
I understand the collection agency. But even for a collection agency isn't there an amount they can take from you. Or they can keep stripping you of every dime?

I am no expert but I believe that can take pretty much anything you have...would have to read the contract for the loan however to know for sure

 

[spidey07]

AFAIK the only way to avoid owing debts you are commited to is bankruptcy.

 

[suprab808]

I agree if I paid it I wouldn't be in this situation but when I called to resolve it. We talked about the reasons why I was unable to make the payments and it was all good. Then I go into use my account and whammy the lieing sack of poop!!!! Yes garnishments!!! I thought that collection agencies and banks cannot take more than 25% of your income.

 

[woowoo]

Income is from a Job
They took your savings.....

 

[D1gger]

Federal and state garnishment laws can be used to stop, start and avoid wage garnishment actions by consumers, creditors and collectors. Wage garnishment (except student loans) is only possible after creditors and collectors obtain a court ordered judgment for such action. The garnishment action, otherwise known as "administrative wage garnishment" can be up to 25 percent of your disposable income.

This is for wage garnishments only. The bank may have different rules or rights regarding the amount they can take out of your account directly (you should read the fine print of the loan documents you signed).