Got in a pinch a couple years back and let my Sams Club Card (financed by GE Moneybank) go into collections. As soon as I was back on my feet I setteled with one of the agencies and recieved a release of debt letter.
Since then I have been contacted by several other agencies trying to collect the remainder. I send those agencies a copy of the letter and they say ok and never call me again. This has been going on for 2 years!
I called the agency I selleled with and they said the release of debt letter is all I need and that they notified GE moneybank of the settlement as they had to ok it in the first place, They also gave me a number that the agencies use to contact GE Moneybank.
I called GE MoneyBank and spoke to a lady whom I faxed the release to, she called me and verified she got it, and told me she would take it to the agency liason to get it taken out of collections and closed. I also informed her that I was concerned about the account getting sold to a third party and making things more coplicated, she told me "we dont sell our account just farm them out to agencies to collect for us.
So about 3 weeks after this conversation I get a letter from a collection agency stating that they had "purchased the account" and I now owe them the money. I sent them the release letter lets see what happens now. Now that my credit has been getting dinged for 2 years.
Avoid GE Moneybank their affilliates and any card they finance (read the small print) like the plague!!
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