hi everyone,

i would like to ask something. if ever my account is freeze by the bank, what is the process that i will need to follow to unfreeze it? do anyone have an idea about this or have experienced such situation?

any help would very much appreciated. thank you.

So don't wait for your creditors to obtain a judgment against you, not only is it going to be inconvenient while you are serving it, you would also have to worry about your life after it. any judgment affects your credit negatively which means that your chances of receiving a loan or open a bank account or and even your chances of leasing a place would be diminished

Yes your account can be frozen by the bank via a court order and there are court prescribed rules for seizing (freezing) a bank account, and yes there are things that you can do to prevent it from happening. For the seizure to happen, the debt collector must first obtain a court judgment against you. What you can do to make that less likely is to try to negotiate a payment plan or an agreement with your creditors.

At a simplistic level, yes...called right of offset, provided the default is with the same bank as your account.

To get around this, switch your account to another FI. That other account can only be seized through a court order as a result of the court process of which there are many ways to deal with (if the debt is small claims).

Assuming that they can or have the right to because I've defaulted on my payments...is there a process to it that I may be able to avoid it...?