Legal Question in Banking Law in Louisiana

Do Banks have a Right of Passage??

I am in extreme financial hardship which can be proven. We have been unable to make all payments to all creditors. But we have tried to keep all pmts but especially secured loan pmts uptodate (vehicles/house). I am in default on a personal loan with Capital One. They withdrew the funds from two separate accts to make the payment when I was in default only 29 days WITHOUT my authorization. They claim they can do this legally as a ''right of passage'' for default loan pmts. Is this legal? Can they really do this without my authorization or knowledge? I can understand if I was in default for 90 days or so, but only 29?? Do I have an recourse? They refuse to reverse the transaction - regardless of it making my account overdrawn. I have threatened to close all accounts and they can just reposess the vehicles and eat the loan because of this. Please advise ASAP. We are in severe hardship with a critically ill newborn.


Asked on 12/31/06, 12:49 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Do Banks have a Right of Passage??

You need to locate and meet with a local Bankruptcy attorney IMMEDIATELY. GO online and find one in your Zip COde and schedule a meeting first thing TUES AM.

Look for small or medium law firm specializing in Debtor Creditor and Bankruptcy matters.

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Answered on 12/31/06, 1:49 pm


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