Is it ok to have cc do auto pmts out of ckg.

[loose tooth]

I have settled much debt. I am behind on 2 major cc. My cr has already suffered drastic damage.

If it is financially easier for me to do weekly pmts., would any of you advise me to let the cc do auto pmts out of my checking acct on a weekly basis? I am not even sure if they do this, but when I call to set up a payment plan I want to make sure I know what I am talking about.

[ConfusedToo]

I would be afraid of doing this. If you ever fall behind due to insufficient funds, or some other unforeseen problems, etc., they will have your number!

[myscoresawful]

no....I would never do this!

First of all, I understand and commend you for wanting to take care of your debts, but CC companies are *not* our friends when we become late.

All too often, there is fine print in our agreements with them that state something along the lines of "creditor can demand balance in full" (this usually goes into effect after a certain amount of days past due, sometimes only one (1)..even though they never really stick it to you that soon. At any rate, you may go to use your debit card some day and find out you have $0.00 in your bank account, and each time you deposit any money, they will keep grabbing it until your debt is paid in full.

There is something you might want to consider. You might want to consider automatic bill payment. You set up a set amount to be paid to someone, and your bank will send them a check automatically. (this is different than check by phone or electronic debiting). I would also speak with my bank first about this, though...let them know of your concerns about it. I know that some banks will set your account to not allow any electronic debits to be processed for this very reason.

[thomassl]

I have settled much debt. I am behind on 2 major cc. My cr has already suffered drastic damage.

If it is financially easier for me to do weekly pmts., would any of you advise me to let the cc do auto pmts out of my checking acct on a weekly basis? I am not even sure if they do this, but when I call to set up a payment plan I want to make sure I know what I am talking about.

I would never do that! If you want to set up your banking accounts so that "YOU" can send them payments yourself, fine...but I would never have it so that they automatically take it from my account. If you feel you will forget, set up your Microsoft Outlook calendar with dates of what is to be paid when. Whenever I turn on my computer, my calendar comes up and lets me know what I need to do. I use my computer daily. Never let the creditors have that much control over your money. If you should default, they have your information to come after your account.

[TheRoadBack]

I have settled much debt. I am behind on 2 major cc. My cr has already suffered drastic damage.

If it is financially easier for me to do weekly pmts., would any of you advise me to let the cc do auto pmts out of my checking acct on a weekly basis? I am not even sure if they do this, but when I call to set up a payment plan I want to make sure I know what I am talking about.[/quotevery

I agree with everyone who has replied that you should not give out banking information as someone said they are not your friends. You don't want to wake up and find your account emptied. However, if you feel that is how you want to do it so you don't forget then set up a seperate bank account only to be used for this purpose. Only put in the $$ that they are supposed to withdraw. DO not comingle it with any other funds. Whatever you decide to do good luck!