I was sent a letter stating that I owed 24,241.47, original dept to Bank of America that was purchased from by CAMCO. So I called to see what they were talking about, the person I spoke with Derrick Hopson was very nice and stated that this was a dept from 1987.
In fact I did have a loan with B of A for a car loan. I had made my payments timely until the car was stolen, at which time my insurance company delt with all the details. I have not heard anything else about this since 1987. This person stated that apparently B of A had written off this dept as uncollected and that because they wrote it off I was never persued for the debt until now.
He told me that I could resolve this for a small fee on the dollar that it would be reported that the debt was paid in full and that it would also help my credit reating the ampunt agreed upon was $550.00.
I then gave my information for this to be taken out of my account at the end of this month.
Because I was so shaken by the fact that I could possibly owe this amount with no recourse but to pay it - I was not exactly thinking straight. Later today after I had collected myself - I decided to look the company up on the internet. This is what I found. So immediately I called my bank to restrict any and all activity by Capital Aquisitions and Management Company.
It is a travesty that companies can do this to people and get away with it...
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