Asked for Early Payoff Discount - Got "Settlment"

[Anonymous]

My car was totaled and I did not have gap coverage.  I continued to make monthly auto payments while wrangling with my insurance company (@ 2 months).  My insurance company paid out @$9800, leaving me with a balance of $880,  which Wells Farg Auto said I had 90 days to pay.  They said I could just continue to make monthly payment amounts. 

I offered to pay in full immediately and requested a payoff amount and inquired if I would be eligible to receive a discount if I did so.  They said I could pay $660  (@25% - $220 discount) if I paid within 15 days.  I did and now have "settlement" "paid less than full balance" and charge-offs noted on my credit reports.  Can they really do this??  How can I undo this nightmare?? 

[Anonymous]

Do you have any paperwork showing the amount owed at the time, the agreement, the insurance payout, and then proof of what you paid? You may also try calling wells fargo and try to inquire about it before filing any kind of dispute with the CRA. The more information you have saved the better off you will be.

[Anonymous]

Yes, I've located correspondence from Wells Fargo.  Thanks for the reminder, I did not remember that they sent me a letter stating that the $660, "payment in full", must be paid within 2 weeks for the discounted amount.  Also have insurance documentation.

Hopefully this will help me to resolve this nightmare.  Thx!

[Anonymous]

No problem if it says paid in full agreement you should be able to call and get it resolved and if not that should help you with your dispute with the CRA's