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US Bank offered 45% settlement
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Posted by Buck
(65.217.78.242) on October 08, 2003 at 10:48:02:
US Bank called me and offered me a 45% settlement on my home equity loan last week. The loan was for $28,000 and they offered like $12,600 or so to pay it off. They needed the money in like 3 days and I told them to send me the offer in writing. I never got the offer and last night someone called from a collector asking my wife a bunch of questions about a loan we had with US Bank. He said his company bought a pool of loans from several different companies and he wanted info on the loan. This guy was very nice but I was surprised how little he knew about the loan. He didn't know if it was secured or unsecured, etc. My wife didn't divulge any info. Now the 45% offer makes sense. I am thinking I should validate with these people. I bet they couldn't even produce the paperwork if they don't even know it's a home eq loan. What would happen if they couldn't? Any thought? Thanks!!
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