What are my options, both civilly and criminally if a loan provider takes money out of my bank account without authorization?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What are my options, both civilly and criminally if a loan provider takes money out of my bank account without authorization?

I recently change student loan providers. I consolidated 2 direct loans (at $51 per month) that were authorized for auto debit and 4 from Sallie Mae that was not authorized for a monthly debit (at $303 per month). The new provider, which had zero autodebit authority, used the authorization code from the $51 direct loan to debit the entire $354. I view this as stealing my money and a huge breach of trust in regards to my information. Also, I am uncomfortable giving the loan providers any of my personal information because of this, so how am I supposed to repay my loans?

Asked on June 23, 2012 under Bankruptcy Law, Indiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If the loan provider that you have written about without authorization debited money from your bank account you should first meet with your bank's manager to discuss what happened and sign documentation with your bank to prevent such from happening in the future.

As to the entity that took your money, I would write it seeking the money's return by a certain date and if not given, file a small claims court action against it.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption