Legal Question in Credit and Debt Law in New York
judgements and holds on checking accounts
About 5 years ago, I ran into some financial difficulty and couldn't pay my credit card bill. The original issuer sold my debt to a collection company. They contacted me once and wouldn't agree to my payment plan suggestion, they wanted all the money at once. This too was years ago. I haven't heard from them since. Now there is a hold on my checking account and the only people I can think of who would put there are the people who bought my debt. Don't they need to notify me/ try to get in touch with me before they can put a hold on my account? Do I have any recourse? Didn't the statute of limitations on this debt run out anyway?
1 Answer from Attorneys
Re: judgements and holds on checking accounts
Statute of limitations is 6 years. They cannot put a hold unless they obtained a judgment against you. A court proceeding is required. Call the bank to find out.
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