Getting robbed is not an emergency you can foresee, but payday loan companies are there to provide cash when your creditors are busy freezing or closing accounts to mitigate more loss. It may be something as obvious as an unauthorized draft to your bank account or purchases on your credit card that get your attention. Either way, if you think you are being robbed, you have to follow a few simple steps on your way back to recover the funds that are rightfully yours.
1. Call Your Bank and Lenders
The first thing you must do is to notify any financial entities that may be at risk for theft. Your bank may want to put a freeze on your account for a few days. Your credit card company may decide to close the account so no new purchases can be made on a stolen credit card. You will also need to dispute any fraudulent purchases on the card so that you can be covered with their automatic theft protection. Call your lenders to let them know that you are having a fraud issue and are going to have to make payments for any due bills via a different method for the month – either via a new account, a money order, or in person with cash. By notifying them, they may give you more time to work out new payment methods.
2. Get Emergency Cash
Take some cash out of your bank account before your freeze it. If your funds are low, you may need to also contact a short-term credit lender to cover important payments like mortgages and car payments. Notify your employer so that they don’t direct deposit into an account you can’t access. Keep some cash handy for your expenses as you may not have access to your regular credit sources while the bank or lender investigates.
3. Safeguard Future Accounts
You may have to set up entirely new accounts with your bank or credit card company. Don’t forget to check with all three credit bureaus to see if you are also the victim of identity theft. Order your credit profile and consider putting your accounts on a third party service that watches them for you in the future. This way, even when you are too busy to pay attention, you’ll have someone else watching your accounts and they will notify you of suspicious activity the minute it happens.
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