Question:

What will happen if I don't pay my bank debt?

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I got into a dispute with Suntrust bank a couple months ago about my ins company taking my payment out 2 times from my bank account. They made me overdraw several transactions and of course Suntrust took my debt from -124 to -530 by the time I got paid. I wrote several letters, called, even contacted BBB and guess what? I still owe 530 dollars. The collection agency called and the lady is very nice. She said they'd settle for 474.11 but holy c**p! who can afford that? What if I don't pay? What can happen with that amount? I own a home and car already so I don't care about my credit report/score. Will it come off eventually? THIS SUCKS!

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5 ANSWERS


  1. Pay the STUPIDITY tax.

    ~that's what dave ramsey calls it~

    Change banks.

    From now on, Never give ANYONE any access to your bank accounts.

    No automatic withdrawls for ANYTHING!

    You WILL have the responsibility of physically opening your bills THE DAY they come in, Pay them right then and there and mail them the very next business day.

    BUY a roll of stamps.

    You will need to write checks to do this.

    That way No one can debit your account without you writing them a check.

    All this is because the INS company wrongly charged you twice for a single months payment? If so, The INS company is liable fro all the overdrafts.


  2. What I don't understand is most banks will kind of work with you.  They may not take off all of the fees, but often times they will take some off, but only if they are at fault, and sometimes as a courtesy.  Now the problem is, the Insurance company, why haven't they reversed the charges or called your bank or whatever.  It sounds like they are the ones at fault, not the bank.  Now although you say you don't care about credit/score etc., you do, because if you didn't you wouldn't be asking this question.  And I'm glad you did, because I know deep down in side you want this issue resolved.  If you don't pay you will still owe and you will be on the Chexsystem, you will still be able to use your current/present bank, and there are other banks that don't go by the Chexsystem, but wouldn't be so easy to just resolve this issue, do it doesn't come back to haunt you at a later date, when you really, really need it?  If you don't pay you will stilll owe, until the statute of limitation goes out, but that will be a long while, because if they sell your debt to another company, and another company they will still try to collect on the debt.  If you choose to eventually settle with the collection company I would ask them if they can delete your negative account, or say you have paid as agreed, if you pay this amount (letter-Pay to Delete).    I know it sucks, but stuff happens, just work on settling this issue.  Problems -  Solutions, just find a way to work this out.

    Good luck !!!!!!

  3. Hi,

    I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. Icame across this company on NBC News Special Edition.Check it out here:

    http://memurl.com/furetu

  4. well many things can take place with this situation...

    For starters the debit is never going to go away it is going to collect interest(that is a for sure thing). Also if not taken care of say good bye to righting checks out because you will be sent into check scan.. Your best bet would be to head on into your local branch and speak with the branch manager to explain (they have better power to work with you and can remove the over draft fees).

    Either way you look at things... this is not going to go away

    Best of luck

  5. Not paying your bank debt will put you into Chexsystems, which will prevent you from getting a bank account anywhere else for the next 7 years.  At best, you can get a very restricted account from certain institutions, but the restrictions are insane and often they won't allow you a debit card for several months, if at all.

    If you hold off on paying the collection agency, they will eventually offer you a settlement; which often times is approximately 50% the amount of the original debt owed.  You will more than likely be in Chexsystems by this time, but if you pay the debt and request a letter, many financial institutions will take that into consideration when opening a new bank account for you.

    If you have a bank account, and don't care about your credit, you can forget paying, but it seems sort of silly and irresponsible to let such a small amount of money mess up what would otherwise be good credit.

    Hope this helps.

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