What happens when student loans and credit cards-Part 3 / 4 by default

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Many not-so-pleasant things can happen to you if you don't pay your credit card and student loans.

Here's what happened to me...

I started getting letters asking me to pay the loans in full. When I ignored them, I started getting more letters. At first the letters are kind of friendly.

"In case you've forgotten or didn't receive the last letter"... Then they get stronger. "Warning: You are late with your payment"... Then they get threatening. "Legal Pending Action ...

Then one day a letter arrives - This is your final notice.

I thought, "Well, at least I do not hear from them" - WRONG! - Other letters continue to arrive. I ignored these letters for a very long time.

And then one day the letter is to say that I do not like my state income tax refund. The money will be withheld to pay a debt. Oh Crap! ... I counted the money.

Oh, I just go on with myLife.

Time passes, I forget. Life is beautiful. And then I go to the bank to withdraw money from ATMs.

"Sorry, this operation at this time" not available.

"Stupid ATM", I think. I call customer service to tell them occasionally complain, and I realize that there is a "block" on my account.

A "freeze" on your account is like a black hole transfer. Nothing can escape. You can put money in, but you can not go out again. Nothing isout... No money. The account is now dead and the money in the account stays there until the matter is cleared up.

Or so I thought... Meanwhile, the automatic deductions that I had previously set up and which had worked just fine for such a long time, no longer go through or get paid.

So, what does the bank do?

They charge you with a $30 insufficient fund charge... ...each occurance.

"But the money is in the account" I protest. "Not anymore, deadbeat" is what the banker was probably thinking. What they actually say to you is that you have to take the matter up with the company that froze the account. I'm thinking "But I don't even know who froze the account". They offer no help.

But Meanwhile, the bank is happy to keep charging you $30 everytime an auto-debit attempts - until ALL the money is sucked out the account.

So, why not just close the account. Because YOU CAN'T. It's frozen.

And that's not the end of it! Oh no...

Until you Stop the debt-car, will not leave you. She had money in the account, the Bank of everything, and takes charge.

And now, you have the money in the bank!

And creditors are not paid, you start banging late fees, sometimes over the limit fees and start calling you on the phone with some "friends" memories That you will still need money.

It's not all ... No, No, No. ..

All right, I think - "Vine of Citibank. I shall open an accountelsewhere. And so I did.

The thing is... Now I'm afraid to leave any money in the account, wondering when "Big Brother" will find this account and seize and freeze the money.

And you start wondering if they will place a "freeze" on your credit cards (if you're lucky to have any left).

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