This is my first post. I've a problem.... I finance a car thru 53 bank on 2005 on June ($5000). Maid all my payments on time till January 2006. In the middle of January I was in a accident and the car was total useless ( I didn't have full coverage insurance) anyway After I receive a Tax return from uncle Sam I went to a local 53 bank and asked for a pay off amount and a taller gave me the payoff , so I paid off. The account always show up pay as agreed in my credit report un till July of 2007 when I got a call from 53 bank collection and asking me to pay $390.00 and told me I'm 90 days late on my payment. I explained him I don't own any money to them and he said he will research this account and let me know...never heard from him again. you can see a screen shot of my account @ http://img512.imageshack.us/my.php?image=53xr4.jpg In September I pulled my credit and it showed this account is charge off. Did a dispute with all three but came back as valid mad.gif November 10th 2007 I received a call from a collection company....So I asked them in writing to validate this account...waited 30 days no reply from them, sent my 2nd letter on January 02nd 2008 still waiting for their reply. What do you guys think I should do with this account... Do a pay for removal or something else ------ Need help Please Thank You all in advance for your help
Do you have a receipt for the payment made (to pay off loan)? You have to be careful, sometimes a payoff amount is only an "estimate", and you have to check to make sure the full amount is paid. As posted, you should have received a letter stating loan was paid, and received the title to the auto. Exactly when did you pay off the loan at the bank? How many payments did you miss after the accident?
Another point to investigate: did your insurance company make any payments towards this loan? If so, how much, and when?
Last payment I made on this account was February 2005. I didn't miss any payment after the accident. Can't remember If they sent me anything saying loan is paid in full. No title was sent to me also...but I wasn't worried about it because car was total useless. Also no insurance payment was made to 5/3 ( I didn't have full coverage insurance)------- Thanks to every one for your help.
