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MY BANK SOLD MY CAR LOAN DEBT TO COLLECTIONS AND NOW I CANT CASH A INSURANCE CHECK

7 months ago - Posted by

MY BANK SOLD MY CAR LOAN DEBT TO COLLECTIONS AND WROTE OF MY CAR. MY CAR WAS THAN IN A ACCIDENT AND I RECIEVED A CO-PAYABLE CHECK. NOW THE BANK IS SAYING IT DOESNT KNOW WHAT TO DO AND IM STUCK WITH A 14 GRAND CHECK THAT I CANT DEPOSIT TO PAY THE DEBT OFF. WHAT AM I SUPPOSE TO DO? THE MONEY HAS TO BE PAID TO MY BANK BUT MY DEBT IS NO LONGER WITH THEM, ITS WITH A COLLECTIONS AGENCY. ANY ADVICE?

1 Answer

TAD Member

7 months ago

If the cheque is made out so that it can only pay into an account with that particular bank and you are no longer able to do so, as the account no longer exists, then you may need to contact the issuer of the cheque and explain and ask for an alternative cheque to be written, or different method of payment to be arranged.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

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