I filed for a loan about 2 months ago. i defaulted on repayment as i was not able to keep up with the steep daily withdrawals. i was half way though payments on a 3 month term loan when this occurred. I asked for an extension as well as lesser payment options and was turned down. the company immediately filed a ucc lien and the (COJ, OR CONFESSION OF JUDGMENT).From my research i was told since i have a local bank they cannot garnish or levy my bank account.The only problem is now they have levied my harbor touch merchant account preventing me from receiving credit card payments. can i switch merchants and keep them from levying the new merchant or will it follow to the new merchant? I do have every intent of paying the rest of my loan off but at this time i need time to get back on my feet.
Sorry to hear about your troubles. Unfortunately, if you change merchants your previous lender can probably levy that merchant account as well. If you haven’t tried working with the former lender to get on a payment plan since they got their CoJ, you might try that. Hopefully, they’ll work with you to get the loan paid off.
Hope this helps. Best of luck.