Repo from May 2011 trying to pay off

Submitted by Anonymous (not verified) on Wed, 02/06/2013 - 19:51
Forums
Credit repair

I had a repossession in May 2011, I currently have an outstanding balance of $6100 to the bank. I am trying to repair my credit and I contacted the collection agency to request a settlement of $3000 which was accepted with it being reported as a 'paid in full' status. Once I have paid the $3000 will the bank or the CA down the road try to come back for the remaining balance or will I be free and clear?

OhioCody (not verified)

I need to add that today while reviewing my credit report the repo is only listed under the bank (Park National Bank), when I contacted them to discuss settlement and payments options they informed me that is was sent to a CA (Recovery One) but the CA it not listed on my credit report. What would I do?

Wed, 02/06/2013 - 20:00 Permalink
sallynachelle

Welcome to the forums!!!
Contact with Recovery One and ask them to validate the debt in writing via certified mail with a return receipt request. If they give you a valid proof, then try to settle with them. Don’t make any payments without any proof.

Thu, 02/07/2013 - 04:26 Permalink