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Can a creditor levy a prepaid VISA card just like a bank account? Can they seize those funds? |
Can a creditor levy a prepaid VISA card just like a bank account? Can they seize those funds? I'm no expert, but I highly doubt that the law would allow creditors to force someone into further debt, especially when that debt accrues interest. You can't compel someone to enter a contract like a loan at interest, and that's basically what credit card debt is. That's why it requires a signature. But a PREPAID visa card might be another story. It is essentially cash in electronic form. Don't be confused by the fact that a credit card company administers it if it is truly just cash- I don't think it is a credit card. The cash is in holding somewhere and the card is the means to access it. If this is the case, then I think a creditor could go after it using the right channels. They might not bother with this often since most people who have no credit don't have much cash either. But it would not be surprising if it did. This is the most logical response I could think of. Perhaps someone else can add to this by posting a definitive answer to the question. Good luck. |
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