Hard times had led me to allow my car get repo'd in 2002. It was auctioned off and I was responsible for the remainder of the balance which was approximately $9000.
Now that my situation got a little better over the years, I figured I would take some responsibility towards the debt. Americredit, who approved the loan, took this as a primary oppurtunity to make things even worse.
I came up 2000 dollars short in settling the payoff of the account (50% of the original balance), so I arranged monthly payments. This voided out the settlement offer. Americredit then turns around and charges off the debt AGAIN thereby severely damaging my credit even further. To add gallons more salt to a wound, I was then notified that my my balance would accrue a 5% DAILY interest.
Let me say this again: 5 % daily interest which calculates to be approximately 450 dollars extra a day. This is more than what my monthly payments are. My balance is now at over $11,000
How can Americredit expect anyone to try to resolve a debt if they make it insanely impossible to achieve by crucifying people financially and credit-wise? They state that such conditions were in the terms of the agreement. This may be true, but who honestly spends hours reading the miniature print when signing a whole bunch of documents. Similarily, does this give Americredit license to rape my mother if it was so stated on the agreement and I just so happened to miss it?
Because that is just exactly what this is: rape! What can anyone do to put Americredit out of their pathetic misery? I honestly don't know how anyone that works for them can sleep at night.
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