Wage garnishments and collections
in Law ·
ruggedmaker2 said:Laura Carter6, I’m a little lost here.
Your account was frozen back in 2011 because of some $233 debt you haven't cleared yet, but money keeps hitting the account anyway. 😕 Am I reading this right?
Look, if you can actually withdraw cash from that account when it gets credited, then your account isn't technically frozen.
Unemployment benefits are considered protected funds, which means they’re supposed to go into a protected account. If you don't have one, that money just lands in your regular checking, and the collectors will snatch it up instantly—and let me tell you, that debt from 2011 has probably ballooned into a massive mountain by now.
If you're still waiting on those unemployment checks to arrive, do yourself a favor and open a protected account immediately. Once you get the cash, head down to the bank and pay off whatever chunk you can just to chip away at that freeze.
You’ll need to contact FINRA to find out exactly how much you owe in total.
I started some professional training for $533 about two months ago, and it's listed as unemployment benefits (at least that's what the contract says), so I really wouldn't want to use a protected account.