(Holding deposit problem) if I have signed the reservation contract with the apartment and I have not paid yet

Question

Due to the system problem, the guy cannot charge the holding charge from my debit card and I told him that I would write him a check the next day.

I have a contract indicating that "apartment reservation agreement"

"If management approves the application and applicant cancels this apartment reservation, applicant agrees that initial holding deposit is forfeited as liquidated damages for breach of contract".

what should I do? I was too early to decide and I am too regret doing this? will the office guy accept not to charge me? I have given him any of them.

Answer 1

The only reason they don't have your money yet is because of a charging your debit card problem, so they are entitled to the money if you break the contract.  They can sue you for the money and they will win.  It would go on your credit report negatively.  It is possible that they may let you out of it depending on how much time has passed since you signed the contract, but it's doubtful.  That's why you should always be sure when you are signing a contract.