Re: Big Unpaid Repo ?
10-01-2012 05:01 PM
I just wanted to post an update. I did some research about repo laws in my state and things like that and wrote a letter to the collection agency that was woking for the bank. Stating that there was these laws that they did not follow when they repoed the car and said we are willing to offer 25% of the original balance to settle the account in full.
Suprisingly, the bank (not the collectin agency) replied back to us within 30 days that they would be very happy to settle the 21k balance for 2500 and that they would stop all the collection activity and close the account and show that it is paid in full. The letter they send us said that they would still love to have us as their customer and that after we close the account, we agree not to sue them for any reason!
Within 15 days the collection disappeared from our report and the bank balance is now shows 0.