My husband has to start doing direct deposit but we are in debt really bad?

	My husband has to start doing direct deposit but we are in debt really bad? But I was wondering if like any of our debt collectors can just just go into our account and take money. I am terrified of opening a bank account. We are in the process of paying everything off. But we have found a bank that has 2nd chance checking. But I am so scared to leave our money in the bank. Can you help me please? Asked By: jj - 10/23/2008

Best Answer - Chosen by Asker
You can always go to the bank when it opens of payday and withdraw all of the money except $1.00. As far as paying odd your debt: A. Have a garage sale and sell anything that you no longer need or want. B.Get a temporary part time job, if you have one, get another. The holidays are coming and there will be plenty of temporary jobs available. It is better to have a no fun year or two than a no fun decade. C.Do NOT get a home equity loan. Taking on more debt will not get you Out of debt. Here is a plan that can help you. If you work the plan, the plan will work for you: 1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make. 2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on. 3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example: To start : Debt #1 (highest interest): minimum payment+ extra payment Debt #2 (middle interest): minimum payment Debt #3(lowest interest): minimum payment Debt #1: paid off Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment Debt #3: minimum payment Debt #1: paid off Debt #2: paid off Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment. That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have. 4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty. 5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life. 5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire. 5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest. You can do it and it isn't as hard as you think. Just follow the plan. Answered By: Jeanne R - 10/25/2008

Additional Answers ()

Debt collector can't take your money from your bank account. Only IRS levy can. If you have debt with IRS than you should be worry. My advice is once the fund goes through your bank account, withdraw it right away. You need to talk to your creditor on how you will pay the debt. I use this service : http://www.loansmarter.com/creditsolution/ to settle my debt into one monthly payment. At least for now, I dont have debt collector giving me a hard time Answered By: Jason - 10/26/2008

Yes it is bad to everyone. Source(s): For more info. visit http://www.netdebt.com Answered By: anderson - 10/24/2008

Well if your husband has to do direct deposit, your hand is forced. Set up a bank account, but you can't ignore the creditors. Take responsibility, initiate contact with your collectors, and work out something. All depending, they may or may not be able to directly garnish wages. Either way, hiding from them won't help either. Best of luck. Answered By: Navy Lifter - 10/23/2008

Keep your money lol forget the paperwork Answered By: htownscrew - 10/23/2008

Yes they can if the account is under either of your names. They are allowed to withdraw money from any of your accounts to repay your overdue debt. Usually they wont go to the extreme of withdrawing money but if you owe a lot of money then you should expect them to try. Best thing to do is to show you are making a best effort, meaning don't take on more debt and don't sign up for any more credit cards. Your best course of action is to be proactive and call the lenders and try to work out an agreement regarding repayment. Have it in writing. Answered By: helpingyouout - 10/23/2008

No they can not. They first have to sue you and win. Answered By: heybulldog - 10/23/2008

NO, THEY CANNOT go INTO your Bank Account! ONLY the IRS has the Ability to do that. The Debt Collectors can 'only' hound you to death and make things miserable for you. They MAY, if it's really serious debt, be able to put a 'Wage Garnishee' on him. That is between Him, the Company and the Debt collectors but, again THEY CANNOT GET TO YOUR BANK ACCOUNT MONEY. Answered By: Trouble - 10/23/2008

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