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tarbaby
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OMFG! Is this even legal???? So I had a loan with NFCU that was sent to their collections dept. It's past the seven year mark. I opened a savings account with my son back in 95. He has $81 in that account. I called to open a savings for my dd and was told I would have to talk to the LCR dept. The csr said that dept took out $78 from my son's savings account to put towards the balance. I'm the joint owner of the account..but he's the main one..and he is a freaking kid for crying out loud...is that even legal of them to do????? :evil:

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There was no judgement on the account. If there were it was never on my credit and I had no knowledge about it. Same with the loan. My dxh was in charge of paying NFCU back for this loan and his cc with them. I had no clue there was still money owed on the account. It's not much.

Did I say one freaking time that I wasn't going to pay it????? I get so tired of seeing comments like " Even if it isn't legal is it any worse then knowing you owe and not paying it back?". Over half the people on any credit repair site prob don't pay what they owe for one reason or another. theres ways around it..otherwise there wouldn't be a board like this and that of the like. So keep your negative comments to yourself and only offer the ones that will help someone..not belittle them.

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It’s unfortunate that your ex (or whoever) was supposed to have paid this and that you didn’t know money was still owed but of course, as I’m sure you know, NFCU doesn’t care about such arrangements.

Other than a debt discharged through bankruptcy and/or unless you live in one of the few states where a debt, once past SOL is truly and forever from that point on, uncollectable (I believe the correct term is “in repose” which means it’s DEAD) then the debt is still due and owing.

Therefore, the moment you opened another account at the same institution to whom you owe the debt, even if the account was “for” your child, then the money deposited there became fair game for them to go after.

I also suspect then when you opened the account (either the original or the new one or both) you very likely gave them permission to do exactly what they did.

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I take it that both the CC account and savings account are with the same institution. I had a auto loan and a line of credit with my bank. You can imagine my surprise when I sold the truck, went to the bank to get the title only to be told that I would have to payoff my credit line also to get it released.

I did research it and found out that they can indeed transfer collateral like that. I'm sure the same holds true for paying off credit by snagging your savings. A friend of mine tried to close out her checking account thinking she would take all of the loot to her new bank and open an account there. She told the teller she'd like to close her account and was expecting about $2000. The teller counted out about $900 and advised her that they used the $1100 to pay off her CC she had with them as well. And yes, the CC was unsecured. Kind of sneaky, huh?

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my son's account was opened before i took out the loan. i do plan on paying them back...i will make payment plans as soon as they call me. and that is IF they agree not to stick it on my credit. it was my mistake not to follow up and make sure it was paid. but i'm not making another mistake by paying it just so they can stick it back on my credit after all this time. the whole thing sucks. :?

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Hey Tar, you didn't hear about my experience yet it seems. My DF had an account with NFCU discharged in BK and when I opened up my Checking and Savings account, they were all frozen after 3 weeks. Why? Because he had been my sponsor and he owed money so basically my accounts were held hostage till I paid the $41 he owed. it still took the 2 weeks to finally get the damn accounts free up.

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OMFG! Is this even legal???? So I had a loan with NFCU that was sent to their collections dept. It's past the seven year mark. I opened a savings account with my son back in 95. He has $81 in that account. I called to open a savings for my dd and was told I would have to talk to the LCR dept. The csr said that dept took out $78 from my son's savings account to put towards the balance. I'm the joint owner of the account..but he's the main one..and he is a freaking kid for crying out loud...is that even legal of them to do????? :evil:

I beleive you can set up a savings account "For the Benefit of Minor Child" that would keep that from happening in the future. The IRS levied my bank account last year and also attempted to levy his savings account but could not based on the way it ws set up.

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Unless I'm reading this wrong, collection account's 7.5 year reporting period are based solely on DOFD, not last activity.

© Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

In my experience, paid collections have dropped off 7 years from the delinquency date, not 7 years after they were paid. Others may have had other experiences though.

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I beleive you can set up a savings account "For the Benefit of Minor Child" that would keep that from happening in the future. The IRS levied my bank account last year and also attempted to levy his savings account but could not based on the way it ws set up.

Whether it would work or not, it still isn't a good idea.

A person should never have an asset account (checking, savings, CDs, whatever) with an institution with which they have an adversarial situation. Further, it’s not a good idea to have credit and asset accounts with the same institution even if everything is all smiles because, trust me, they can still screw you with nothing more than a keystroke and they do it all the time.

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Whether it would work or not, it still isn't a good idea.

A person should never have an asset account (checking, savings, CDs, whatever) with an institution with which they have an adversarial situation. Further, it’s not a good idea to have credit and asset accounts with the same institution even if everything is all smiles because, trust me, they can still screw you with nothing more than a keystroke and they do it all the time.

At the time I set it up (he was 3 now 13) no adverserial situation existed. Now though, my DW's BOA CC is chsrged off and we have been banking with them since 1994. Are you suggesting changing banks?

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If you are a party to the charged off CC (and BOA still owns it) and if you are doing other banking at BOA then yes, I'd change banks yesterday.

While nothing may ever happen, it's too late after you've been burned.

A while back I posted about what my bank once did to me and I didn't even owe them money (they just though I did) - caused me problems for years (actually some still esxist today)...I'd never risk that again.

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If you are a party to the charged off CC (and BOA still owns it) and if you are doing other banking at BOA then yes, I'd change banks yesterday.

While nothing may ever happen, it's too late after you've been burned.

A while back I posted about what my bank once did to me and I didn't even owe them money (they just though I did) - caused me problems for years (actually some still esxist today)...I'd never risk that again.

I've been thinking about changing to a CU...might do more than think now...Thanks Robert (HEY! 1000th post)

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If you are talking about the reporting period for credit bureau reporting I think the answer is “maybe”.

As I understand the rule, the “reporting period” starts at the point the account first becomes delinquent and is never brought current again. That tells me that a simple “payment”, that does not bring the account current, would have no impact on the reporting period. However, I would also surmise that if the payment brought the account “current” then the account is fair game for reporting as any “normal” account would be.

Making a payment, partial or otherwise, can definitely re-start the SOL clock in many states but that’s a whole different matter than the reporting period for bureau reports.

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