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Wondering if I did the right thing....
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Posted by Curious (207.8.174.58) on June 14, 2002 at 00:55:38:
OK. Here is my story (and I am new here)!. Back in July of last year, I got a new car repossesed. They sold it and I was supposed to pay the defiency balance. It was a total of $8400.00. The Original creditor said that they would settle with me as long as I made timely payments and stuck to them. At the time it sounded great, I paid them 100.00 a month until we got our taxes back and then paid them $2000 out of it and then paid $400.00 a month for 3 months until it was paid, (the settlement amount, which was about 1/2 of the balance). They told me that I would receive a letter from them after the last payment stating that it was settled and paid in full. My last payment was made May 20 something and I haven't gotten anything yet from them. I called and they said they wait 45 days to send out the letter because they wanted to make sure the last electronic check cleared the bank first. I also received an updated credit report as of 6/5/02 and it doesn't show anything on there about settled, it shows as bad debt and the full $8400 is listed. I have a paper from them that they faxed to me stating that I would receive all of the above from them, the letter, the change on the credit report and the paid in full receipt. So, what should I do, just sit around and wait or what. I mean they wouldn't wait on my payments, why should I wait on their promises. I am just afraid that I did not do a good thing. Any help would be appreciated.
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