bank account

September 18th, 2008 by Questions

1) I bank at Company X. I do nothing but have a bank account there. If I have a credit card at Company ABC and I stop making payments on my credit card, are they able to take money out of Company X account?
2) I have been trying to make the min payments for some time, but am only paying the interest- no principle. If I stop paying the interest- thus not making my min monthly payments- what happens right away? After 1 month? After 2 months? Can they go to my place of work and garnish my wages? How long would that take after I stop making my payments?

Posted from: New Brunswick


One Response to “bank account”

, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:

Firstly, the credit card company, if different than the place you bank, can only take money out of your account with court permission. So for the time being your probably safe.

In terms of your second question, there is no set time frame. Each bank is different and each collection agent is different. There is a technical notice period that is necessary (in most places in Canada that is 10 days) prior to being able to go to court, but typically they will harass you for a while before they go to court.

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