Debt Collection Company Stopped Deducting My Payments

by Beverly

I was sent to this company by a musical insrtument company because I had fallen behind on some payments. Square Two set up payments to their company to be taken directly from my checking account-which I agreed to! They suddenly stopped deducting the payments without notifying me of it and now the instrument has been repossesed. Needless to say, my daughter is heartbroken because we can't get the instrument back! I could have at least gotten a call or letter stating they intended to drop my payment!!!!!!!!

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Nov 05, 2011
Stopped deducting my payments aswell
by: Elizabeth Nasser

I am having the samer problem, They just stopped auotmatically deducting the payments from my account, and now I'm 3 months behind. I've been callings since I noticed the first payment wasnt taken and I just keep being left on hold.. I dont know who else I can contact to help me with this..


Aug 21, 2011
Debt Collection Company Stopped Deducting My Payments
by: Debtcollectionanswerscom

Sorry about what has happened Beverly. However, you should not have given the debt collection company access to your checking account. By doing so, you not only lose control over how much the agency might take from your account, but you also make yourself vulnerable to situations like the one you now find yourself in.

I recommend that you contact a consumer law attorney in your area who helps consumers resolve their debt collection problems to find out if there are any actions you can take to get the musical instrument back and resume your payments.

Another option is to talk with a consumer law attorney. If you and the debt collection company entered into a written agreement that spelled out the terms of your payments to it (and you should have), be sure to share that agreement with the attorney you talk with. The attorney will want to see if the debt collection agency violated any of the terms of that agreement.

In the meantime, if the debt collection agency agrees to allow you to continue paying off the debt you owe on the musical instrument in exchange for getting the instrument back, do not agree again to let the company deduct the payments from your bank account. Instead, you should insist on making the payments yourself using bank certified checks or via Western Union. These are safe payment options because in neither instance will you be giving the collector access to any of your financial information and both options will provide you with proof of each payment.

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