06-20-2012 02:40 PM - edited 06-20-2012 03:38 PM
I'd greatly appreciate any help provided.
I had a student loan which went to collections. I was recently contacted by a "Law Firm of John C Bonewicz" and as I am finally in a position to make small payments, I made an arrangement with them.
I was told if I settled, it would be removed from my credit. I asked to receive a letter outlining the settlement plan and was told it could be faxed or emailed. I gave my email adress and never heard anything.
They did call the day the first payment was to come out (May 31) to verify the funds. I said they were there and could they please send me that email. The amount was deducted from my checking account, but no email.
I called today to follow up and was told the email was coming, but that, no they never said they could remove it from my record, and furthermore "nobody is able to remove things from credit." So, with the great amount of bs I'm being shoveled, I'm getting nervous.
Is this money actually going to settle my loan or am I being scammed?
Can I call Key bank and arrange for the money to go straight to them instead?
Should I continue making these payments? The next one is due June 30.
I know you are supposed to have everything in writing, which I thought I was doing.
Thanks so much!
06-22-2012 06:27 AM
Is this money actually going to settle my loan or am I being scammed? Hard to say. Ask the company for an itemized statement. The statement should show how your last payment was applied. If they will NOT provide the statement, then inform them that you can not make another payment. The company already has your checking account number, so you might want to consider closing out the account or doing a stop payment (I forget what it's officially called when you stop the electronic payments).
Can I call Key bank and arrange for the money to go straight to them instead? Always a possibility. At the very least, you should get it in writing, from Key Bank, who has authorization to collect on their behalf.
Remember to be polite and thankful to everyone you speak to.
Remember your goal - to pay off this debt with payments you can afford.