Bank account frozen: What should I do?
in Banking, Insurance & Loans ·
Apatrit said:I went through something similar once (posted about it on another forum), but mine involved a Mastercard.
The debt was 30 $0.00 plus I had a loan from a third-party lender.
I went straight to my local branch manager, and she offered me a restructuring plan. Basically, for the same monthly payment I was making on that third-party loan, I’d clear both that debt and my overdraft. In exchange, I’d get 2/3 of the principal back, wipe out the negative balance, and most importantly, get removed from all credit blacklists and the NYSE reporting.
I originally had four years left on the loan, but now it's seven. I'll end up paying way more in total, but at the time, it was my only move and I don't regret it—especially since I was getting hit with interest from $333 every three months. It was brutal.
From what I can see, your situation is actually easier, so go talk to your bank manager as soon as possible.
How long did it take for them to approve that restructuring? Are there any hidden catches?