I currently have a Direct Merchants Bank secured I advantages card. When I was reading the cardmember agreement.. It says you are currently in default of the card if "you or your property becoming the subject of attachment, foreclosure, repossession, lein, judgement or garnishment proceedings" As of right now.. I am paying on a vehicle that got reposessed that I was a co signer on. I am paying as agreed. Does that mean they will cancel my card real quick?
They are worried that someone could place a lien on your security deposit account. Are you paying this as a result of a judgement or is it some other type of arrangement? If there is a judgement against you the card issuer could close your account and apply the security deposit to your balance. This doesn't leave money sitting in an account that could be attached.
It has been settled out of court. I called the lawyer and agreed to pay 400.00 a month. So now I am paying as agreed.
Then, I don't think it is likely that DMB will call your account under that part of your card agreement. Has the repo hit your reports yet?
I have not checked my report lately.. But I am sure it probably has. The epo was a few months ago and I did apply for the card last month. I only put 200.00 into the card.
