In May I purchased a car that was financed through Credit Acceptance. Due to a divorce and loss of income my vehicle was repossessed in 2003.
I received a letter from CAC stating that I owed $1800 after it was sold at an auction. Due to a pending divorce settlement that went on for years I was unable to pay it in full at that time.
During the these years CAC sent me several settlement letters offering to settle the debt for as little as $700. I did not reply as I needed to wait until the divorce was finalized and all monies discharged. My credit report read repossession with a balance of $1800.
In September I sent CAC a letter stating that I was financially able to pay off the the debt and was told that it was $1800. I sent them a check for the full amount and asked for a letter stating that it was satisfied which they did not send.
They them reported it to the Credit Bureau with a balance of $400 dollars. When I called to inquire about it the representative was rude and stated that it was a interest bearing account and that the $400 is interest that is owed to them. He was very nasty and said when do you plan on paying it because it will still be accruing interest. Is this legal?
I could have waited out the time and let this debt disappear in the seven years, but I wanted to pay them what I owed. I also could have setteled it for less as it was charged off and they never expected to get paid. Now I wonder if I just should have let it go as I do not have $400 to pay on this accruing debt.
Do you or anyone have any thoughts on this. I would welcome them.
I am trying to build my credit back up after divorce, but it seems like the creditors and the credit bureaus are working against me. And the more I read about this company, I must have been really desperate. Come to think of it I was and I needed a car and due to divorce and loss of income I took what was offered. I advise you out there not to make the same mistake.
Thanks for listening and I would welcome any advice.
0 comments