BofA Unauthorized deduction!

[brif001]

Hello to all,

Im new to this forum but thanks to all it has been the most helpful tool ive had in my process of filing pro se. My case is pretty straight forward, $25,000 in cc debt no assets case, no car or home and over $200k in student loans. I was planning of filing tomorrow after months of preparing. Back in september I stopped making payments on a BofA installment loan I had with them. I also have my checking account with BofA So this morning I saw they wiped me out. $1245 to be exact and Im mad at myself because I should of knwn this was going to happen. The balance on the loan was a little over $1500. Can I do anything about this before Ive filed for bankruptcy? Ive searched all over the forum and having a hard time finding something useful.

Thanks

[debtmonster]

We have a credit card with BoA. They are the ONLY ONE we are making MINIMUM payments on right now as we are scared they will do the same thing to us if we stop paying. We have our checking account with them as well. We just spent $200 for groceries on this car a few days ago and bought gas as well. We're looking to file BK hopefully next month. I don't know how this will go in the BK. They may want the money back.

[wonkettegirl]

Ouch, OP. Ouch. I am sorry that happened to you! Frankly, and unfortunately, BoA had the right to do what they did - that is why everyone always hollers to MOVE your $$ out of any bank that you owe to with a cc or line of credit. I think all you can do now is open another bank account and deposit anything you earn from now on into that new account. Sorry!

[wonkettegirl]

To more knowledgeable posters: is it possible that, if the OP files very soon, the trustee will see this as a "preferential payment" and at least make BOA give it to the trustee? I don't think that OP can get it back, but hopefully I am wrong about that.

[brif001]

So I called the bank and by some grace the agreed to only withdraw the late fees and interest on the account which amounted to $239. Ill take that over $1245. They told me to give them my bk case number once I filed to prevent future withdrawals.

[ready2puke]

Wow you got lucky my friend. Did they put the money back? When and if they do get the hell out of there...pronto...count your blessings.

[StartingOver08]

I am glad you were able to recover some of the 'set off' to your account. But, to prevent future withdrawals move your account. Move it to a bank that you do not have debt with now.

[Confuzed]

I had the same problem as all my defaulted cc debt have my account # when I used to do online pay. And all the horror stories about collection agencies trying to get a piece, so I changed bank accounts for my paycheck and the bank ran an Experian credit check and approved my new checking account. My question is this, what will all the skip tracing/collection agency people do when they see an inquiry on my credit report done by a new bank. Will this set off a notification email to the collection agencies? From what I understand they get email notifications to monitor assets or purchasing a house/car to proceed to sue you since you are showing that you have the money to buy something new. I have no assets but did opening a new bank account increase my risk while I try to stay under the radar until I can file late this year? My credit report shows a bunch of defaulted debt from 8 months ago.
(I have no assets, no property, just direct deposit and live paycheck to paycheck, my job requires direct deposit)

[debtmonster]

(I have no assets, no property, just direct deposit and live paycheck to paycheck, my job requires direct deposit)

Just keep it that way. From now on, keep putting things in other people's names other than your own.

Like a database... it's like "corrupting the index" when you do this.

[biotechsolution]

Hello to all,

Im new to this forum but thanks to all it has been the most helpful tool ive had in my process of filing pro se. My case is pretty straight forward, $25,000 in cc debt no assets case, no car or home and over $200k in student loans. I was planning of filing tomorrow after months of preparing. Back in september I stopped making payments on a BofA installment loan I had with them. I also have my checking account with BofA So this morning I saw they wiped me out. $1245 to be exact and Im mad at myself because I should of knwn this was going to happen. The balance on the loan was a little over $1500. Can I do anything about this before Ive filed for bankruptcy? Ive searched all over the forum and having a hard time finding something useful.

Thanks

You're filing to discharge the cc debt? Because the 200k in student loans
will survive your bankruptcy.

Depending on your situation 25K may not be that much to file on.

[brif001]

Yes Im fully aware that the student loans will survive the bk but my student loan payments are over $1000 a month. There is no way I can eat if I try to pay off $25000 in cc debt. I want the letters to stop and any future actions to occur. I believe this is the most logical move on my part right now. Im open for suggestions though.

[biotechsolution]

Yes Im fully aware that the student loans will survive the bk but my student loan payments are over $1000 a month. There is no way I can eat if I try to pay off $25000 in cc debt. I want the letters to stop and any future actions to occur. I believe this is the most logical move on my part right now. Im open for suggestions though.

If you're starting to pay on the student loans that means you've graduated??
Or can you put them into deferrement until graduation?

Because school loans over 200k should be either med or law school loans and you should be able to cover the 25K in cc debt
once you graduate and start working.

[brif001]

Graduated May 2007. Sallie Mae and Wachovia are no longer letting me deffer my loans. Went to an over priced aviation school, have a degree in aeronautical sciences and a license to fly. My degree really was only designated for me to get a job as an airline pilot. And I dont think I have to mention how successful ive been at getting a job in my field. But nonetheless, I do have a decent paying job and get to fly everyday, just not with the big boys.

[StartingOver08]

Well, thinking outside the box a little bit. Maybe you can set up your payment to student loans as a direct payment from your check (kind of like an authorized 'garnishment' for lack of a better word). You would have that direct payment for a long time based on the amounts you quoted.

If you stop paying your credit cards you will get the eventual threat to garnish - you could say you already have a garnishment. The credit cards will drop you like a hot potatoe. After you have not paid for months - you could work out a settlement agreement with the cards.

Now - I did not say this was a good idea...only an idea. Just trying to find a solution to your situation - really your problem is the student loans, not so much the cc debt.

[catleg]

To some of the veterans here 25k is a little on the low side. Like, I'm in over 400k unsecured with my wife. I think in your case you're probably on the right track. You might be able to settle but to be honest, it's very distracting trying to deal with all the calls and letters (i.e. legalized harassment) and if you're flying planes for a living you really don't want that distraction in your life.

The only reason not to file is to keep the BK available in case you need it in the future (most commonly to erase medical bills, but in theory any kind of lawsuit liability except stuff like killing someone while drunk driving) but it sounds like you're young enough and in control enough that it's not an issue.