I opened an account with a bank in 1996. The loan was for $11,000.00. The loan is suppose to end this December. They have me "written off as a loss." I have tried to clear this up myself for three years to no avail. They said they did not receive a payment. During this time, they were bought out by another bank. In fact, they have been bought out by two banks since the original loan. I wrote them a letter last October demanding a payment history. They said due to the age of the account, they could not give me a payment history, but would investigate further. They also said that the three payments that were "missing" were posted to my account all in one day! I have contacted a lawyer and after two weeks, he hasn't heard anything!! What do I do? HELP! According to my records, I have nine payment due on this account at $250 each. They are saying I owe almost $8000 still after almost five years!! Does a bank just lose your records? What is going on? I am still driving this car and sending monthly payments!
IF THEY CANNOT PROVE IN WRITING THE DEBT WITH WHICH THEY ARE REPORTING THE MARK MUST BE REMOVED!!! I would recommend filing a written complaint with the three (3) credit agencies, and the Federal Trade Commission. After writing these complaint's and CC'ing the collector, etc. this usually clears things up.. And in response to "I wrote them a letter last October demanding a payment history. They said due to the age of the account, they could not give me a payment history, but would investigate further." Include, any and ALL coorespondence in your complaint letter.. I had an erroneous negative collection on my credit report from someone who has the same name as myself.. It took several letters, and a complaint to the FTC to have the mark removed.. BUT eventually the mark was removed.
oh.. and another thing.. if they have written this off as a loss, why are you still paying on the car? IF they have written it off they have done so with the IRS for their tax year the loss was incurred... So if they are still asking for this money, there could also be implecations of tax fraud on their part for trying to collect money, on a debt which was already written off on their tax returns.. When you write-off a bad debt, it is tax deductible... So if they have done this, and are still trying to obtain the money, they are getting a 2 for 1 deal.. NOT COOL!!
who is your lawyer? This is obviously all screwed up and you should be filing complaints on what you have told us alone. Geez! roni
My gosh, I am so glad that you all got back to me. This bank has made me feel like a stupid, ignorant thief that is just trying to get out of paying a debt. I did not think it was right for them to trash my credit and then ask me for more money that I owe. Thank God I have found you people. I finally feel like someone is on my side. I am suppose to hear from my lawyer today. I will keep you posted.. I cannot tell you how many sleepless nights I have had wondering what to do. Yes, a check for $250 just was posted to my checking account today from them...
Author: worried (216.229.202.---) Date: 03-06-01 07:55================================ When a creditor interfears with your ability to pay him The law should require forfiture of the debt! This is exactly what happens when they trash your credit: How are you gonna borrow the money to pay em when the've ruined your credit?
To Worried--I had a VERY similar situation! If you'd like to know more and how I handled it (successfully), please feel free to email me at: tarecos@hotmail.com
Here is another questions I have... if I have asked for a payment history on this loan over and over again,and they keep telling me that they have to their "research," how long do I have to wait for them to get their acts together?? My loan ends in December according to my records. I will pay them until then. My husband says I am stupid for paying them this long. (I have continued with monthly payments even after they wrote me off in November 1998.
