Can a collections agency take money out of my savings account without my permission?
It would be illegal for a collections agency to take money from any of your accounts without your permission. However, a debt transferred to a collections agency can have a negative impact on your credit rating and will appear in your credit history.
An outstanding debt with a collections agency can impact your ability to access credit, for instance preventing you from getting an increase on your credit card limit, or impact the interest rate you are offered on your loans or credit cards.
