I have been unemployed for seven months and my bank closed my account because of insufficient funds. How can I solve this problem when I have no cash on hand? What if a collection agency comes and I have no funds yet? I feel helpless and just want to know what to do.
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Communicate with the bank and make sure it knows your current financial position. Commit to the bank that you will try to resolve the matter as soon as you can, but that you can't do so now. Then, if you do go back to work, make sure you set aside some of your limited funds to start paying what you owe the bank. It can't be said that the bank won't hire a collector to try to get its money, but you're less likely to hear from a collector if you show that you're serious about wanting to repay what you owe.
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Communicate with the bank and make sure it knows your current financial position. Commit to the bank that you will try to resolve the matter as soon as you can, but that you can't do so now. Then, if you do go back to work, make sure you set aside some of your limited funds to start paying what you owe the bank. It can't be said that the bank won't hire a collector to try to get its money, but you're less likely to hear from a collector if you show that you're serious about wanting to repay what you owe.
