Every six months my boyfriend receives an updated letter from Merchants' Credit Guide "reminding" him of his unresolved debt and offering him different payment options to resolve this debt. Finally, he was in a financial position to begin to tackle some of these old pesky debts from irresponsible college days...
We accepted a "buyout" in which Merchants' offered a one time payment whidch they claimed was 40% of the original debt. Financially, it made the most sense to us, it was the option that cost the least.
We mailed a check, and have never heard from the company again. I have written to the company requesting the payment refunded. I am furious, both with ourselves for falling for this fraud, and at Merchants for capitalizing.
They are crafty, the debt is listed as "bankfirst" which seems an innocuous credit card company. It is hard to remember the names of credit cards from 10 years ago... The name rang a bell, I assumed since they were contacting me, they were the ones I owed.
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