The bank took it all!!

amother

Thu, Aug 10 2023, 11:05 am

I’m prefacing by saying, I’m not getting into too many details and we might have been wrong. We took out a $20,000 loan because we needed to and within 3 months, the bank put a hold on most of it because of some credit cards we owe from, from over 15 years ago. We haven’t used those or mostly any credit cards since. We’re falling apart!!!! We took that loan because we needed it.

amother

Midnight

Thu, Aug 10 2023, 11:09 am

The cards and loan were all from the same bank? If not they would need a court order to take it I would think.

amother

Slateblue

Thu, Aug 10 2023, 11:11 am

amother Midnight wrote:

The cards and loan were all from the same bank? If not they would need a court order to take it I would think.

Even if it was the same bank they aren't allowed to just take the money. If someone owes Chase 10,000 and doesn't pay, Chase is NOT allowed to take the money out of the bank account.

amother

Cerulean

Thu, Aug 10 2023, 11:11 am

OP, I am so sorry you are in this position. Weve been there too. We had a long time period where our credit card was stopped. We owed a lot of money. It truly sucked.
But on the other hand, if you already owed the bank money, its unfortunately their right to take the money.
Can you talk to a financial planner to see if something can change in order to change things for you?
My heart truly bleeds for you. Its rough.

amother

Thu, Aug 10 2023, 11:25 am

amother Midnight wrote:

The cards and loan were all from the same bank? If not they would need a court order to take it I would think.

Not the same bank, but I think it was court ordered. How long is someone liable, forever?

amother

Pewter

Thu, Aug 10 2023, 11:26 am

amother OP wrote:

Not the same bank, but I think it was court ordered. How long is someone liable, forever?

If you owe money and you didn't pay it back, the debt doesn't just disappear, so yes

amother

Thu, Aug 10 2023, 11:27 am

amother Cerulean wrote:

Financial planner or lawyer? Who has the money for either anymore because they just took it all??? Confused

watergirl

Thu, Aug 10 2023, 11:27 am

amother OP wrote:

Not the same bank, but I think it was court ordered. How long is someone liable, forever?

It’s weird that you would qualify for a $20,000 loan if you had that kind of debt in general. I would find out what happened there.

amother

Thu, Aug 10 2023, 11:30 am

watergirl wrote:

It’s weird that you would qualify for a $20,000 loan if you had that kind of debt in general. I would find out what happened there.

I agree. My dh takes care of all the financials, so I really don’t know.

amother

Fuchsia

Thu, Aug 10 2023, 11:31 am

If u declare bankruptcy Ithink the loans go away, but I dont know the ramifications of it.
how long is your credit score bad, will u ever be able to open new cc. If you own, what happens to ur home/ mortgage
Etc etc.
Hatzlacha! I hope u get back on ur feet quickly!

amother

Thu, Aug 10 2023, 11:32 am

abound wrote:

If u declare banktuptcy think the loansgo away, but I dont know the ramifications of it.
how long is your credit score bad, will u ever be able to open new cc. If you own, what happens to ur home/ mortgage
Etc etc.
Hatzlacha! I hope u get back on ur feet quickly!

That’s the very strange part, our credit score is perfectly fine. We don’t own anything!! Can’t afford it! Crying

Amarante

Thu, Aug 10 2023, 11:39 am

There is something more to this because a bank can’t just seize a bank account.

They would need a judgment and provide notice.

Also in general, there is a Statute of Limitations regarding debt so after a certain period of time you can’t collect because the time period has expired. There are exceptions and judgements can be collected for a much longer period of time.

But they would have had to provide you with notice

watergirl

Thu, Aug 10 2023, 11:40 am

amother OP wrote:

That’s the very strange part, our credit score is perfectly fine. We don’t own anything!! Can’t afford it! Crying

It seems there is a lot you don't know, and you need to get to the bottom of it. I am so sorry this is a thing.

amother

DarkYellow

Thu, Aug 10 2023, 11:43 am

Did you actually get the $20,000 from the bank in the first place? What did they take?

amother

Cerulean

Thu, Aug 10 2023, 11:47 am

Amarante wrote:

Interesting. In israel they can until one has paid the debt.

finprof

Thu, Aug 10 2023, 11:47 am

I'm confused. Did they seize your account (which would require a court order) or did they stop payment on a loan? Your credit score can't be fine if you are delinquent on loans or CC payments. Did you declare bankruptcy?

amother

Midnight

Thu, Aug 10 2023, 12:08 pm

Were you supposed to pay back monthly and you missed payments?

amother

Midnight

Thu, Aug 10 2023, 12:22 pm

Just throwing this out there... how do you know? Did your husband tell you? Is there a tiny possibility that he used it for something else and is covering up?

amother

Emerald

Thu, Aug 10 2023, 12:24 pm

I don't really understand why you would think you don't need to pay up cc balances, regardless of when they were incurred. It's not free money.