Can credit card companies freeze your bank accounts if you don't pay?

I%26#039;m looking to settle my credit card accounts, and have stopped paying them for one month. I understand after several months they will try to settle for less then the actual amount owed, or I can work with a debt settlement company.

I%26#039;m concerned though, that they can freeze, or directly withdraw money from my bank account to pay on those debts.

I live in Pennsylvania and have seen cases similiar to this on Judge Judy and those types of shows.

Can credit card companies freeze your bank accounts if you don%26#039;t pay?

Credit cards are unsecured debt. They cannot freeze or put liens on any of your assets without first getting a judgment from a civil court.

Do not voluntarily give them any of your banking information.

Can credit card companies freeze your bank accounts if you don%26#039;t pay?

There are only two ways that this could happen, the first would be if you had given them access to your account by setting up direct payments, the other is a lot more complicated, they would have to take you to court and get a judgment after that they could attach your bank account, but this is a last resort because it%26#039;s so time consuming and costly.

Can credit card companies freeze your bank accounts if you don%26#039;t pay?

If you have been paying them, don%26#039;t stop. It will ruin your credit and follow you for years. You have to be many months behind before they will settle with you. If you are trying to get out of debt find a credit counseling agency to help you negotiate with them. You will have one payment and have a plan to get out of debt. Good luck.

Can credit card companies freeze your bank accounts if you don%26#039;t pay?

I don%26#039;t believe so. Credit cards are usually unsecured debt, unlike a mortgage which has a property as collateral. That%26#039;s why interest rates on credit cards are higher, they are taking a bigger risk from month to month. If you have a secured credit card (one that you opened by putting up a deposit) they can really only take the deposit back.

That%26#039;s why they are so open to negotiation, otherwise, they get nothing.

Can credit card companies freeze your bank accounts if you don%26#039;t pay?

I would suggest you to join a debt settlement company who will negotiate with your creditors and bring down your principal debt by around 30% to 70% depending on your credit cards.

They will take only a couple of months to settle your accounts.Not several months. Once you join their debt settlement program, all the communication from the creditors will be directed towards the company and not to you any longer.

Even if you are late on your payments now, your creditors are not authorised to withdraw the payments from your bank account without your permission.

Instead of you paying minimum payments to each of your cards, the debt settlement company will consolidate them into one monthly payment.And you will be debt free within 3-36 months depending upon how much you can pay monthly.

Check out this debt settlement company for more info. They have helped me out with the unsecured credit card debt problem. They have clients throughout the country.

http://www.debtfreeafterall.com

Good Luck