Help with sticky situation with Cap one

[Anonymous]

Ok. I have a charged off cap one card- they have not sold it to CA. I think (and I DO MEAN THINK, Im very confused about SOL) that the SOL on this account is expired since the DOLD was in 06/2004. Heres the thing. I have about 1000 dollars in a money market account and an auto loan with cap one and I got them way after they charged off this card. SO, do i have to worry about them taking the money in my money market account if I try to PFD this account? Sorry if I sound stupid but I need your help.

[Anonymous]

Anybody??

[JShidell]

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GettingBackOnTrack wrote:

Ok. I have a charged off cap one card- they have not sold it to CA. I think (and I DO MEAN THINK, Im very confused about SOL) that the SOL on this account is expired since the DOLD was in 06/2004. Heres the thing. I have about 1000 dollars in a money market account and an auto loan with cap one and I got them way after they charged off this card. SO, do i have to worry about them taking the money in my money market account if I try to PFD this account? Sorry if I sound stupid but I need your help.

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You don't sound stupid, everyone has concerns and questions that they are unaware of.

To answer your question.  I don't believe Cap One has any right to take your money from your money market account if you want to PFD.  Its up to you on how you come up with the funds to pay.

As for your SOL it all depends on what state you are in?

v/r

JShidell

[Anonymous]

texas

[Anonymous]

Before a creditor/CA can reach into your accounts, they MUST have obtained a judgment against you in a court of law (this does not apply to Student Loans, as the government has given them more power in collecting).

Even IF a creditor/CA has obtained a judgment against you, it's not as easy as it sounds to simply levy accounts. In most states, that requires an additional hearing with a judge.

Even then, since Money Markets fall under investments (rather than "liquid assets" such as your home, car, checking account, etc), I don't think they can touch those. I could be wrong, but I've never heard of such instruments being levied for debts.

[Anonymous]

I know my HELOC paperwork allows my CU to recover from my other accounts if I default.  It's in B&W.

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Wonderin wrote:
Before a creditor/CA can reach into your accounts, they MUST have obtained a judgment against you in a court of law (this does not apply to Student Loans, as the government has given them more power in collecting).

Even IF a creditor/CA has obtained a judgment against you, it's not as easy as it sounds to simply levy accounts. In most states, that requires an additional hearing with a judge.

Even then, since Money Markets fall under investments (rather than "liquid assets" such as your home, car, checking account, etc), I don't think they can touch those. I could be wrong, but I've never heard of such instruments being levied for debts.

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[Anonymous]

Yeah, same here with our car note (with a CU), but that's different than a creditor sticking their hands into your accounts without an established banking relationship (like in the OP's case).

Can they also take from your Money Market account?? I'd really like to know that ... we don't have one, but we're considering it and want to know if it's protected like IRAs are ...

Of course, since coming here, I don't plan on us getting into anymore trouble and having to WORRY about creditors sticking their paws in our accounts!!