Can a Credit Card Company Seize a Checking Account?

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What Happens If You Are Sued by a Credit Card Company?....5

While a credit card company can technically levy a checking account to recover debt, it is a lengthy and costly process that rarely happens. Work with the credit card company or a professional to remedy excess debt using advice from the owner of a debt settlement company in this free video on credit cards.

Part of the Video Series: Credit Card Debt Information
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Video Transcript

Hi. My name is Peter Repak. I'm the owner of Clear Financial LLD, a debt negotiation company. Can a credit card company seize a checking account? Well, the simple answer is yes but it will take them a very very long time. Can they really seize it? Not really. But what they can do is they can put a levy on your account. That means if a credit card company is not being satisfied they can take the money away from your checking account or from your savings account. But how does that really work. Well the credit card company has to go in to a serious amount of lengthly procedures in order to get that accomplished. What they do is they hire a law firm. Then the law firm will do a law suit against you. If they win in a court of law that they can do it, then, of course, it's a possibility that they can do. Is it something that happens a lot? Not really. It's rarely. They would rather settle or they would rather finish and get your money to them in a different manner. What you really have to know about this, you really want to pay off your credit card debt and if you do get in to trouble, you need to have professionals that can help you. In that case, you definitely can give me a call or my company. But, you really want to get your debt handled. Again, my name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. Thank you for watching.


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