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what are my consequences for stopping payment

Date: Fri, 11/17/2006 - 11:17

Submitted by anonymous
on Fri, 11/17/2006 - 11:17

Posts: 202330 Credits: [Donate]

Total Replies: 4


I have been paying 75.00 automatic withdrawl every 2 weeks for 8 months to these people, and on my credit report it shows every payment as past due and it says that they have sent me to collections and that i owe 735.00 now. but I have paid every payment and I have never received anything from a collection agency,and the original loan was 200.00 if I stop payment on the electronic withdrawl what could be the consequences for me?


You have the receipts to confirm the payments taken by the company. With this proof, dispute the item with the credit bureau explaining that your account is not updated by your creditor.

Get the debt validated by the collection agency. They should be able to give you the details of the debt if the file is with them. This should give them reasons of reporting in your credit file otherwise the collection entry also needs to be disputed with the CRA.


lrhall41

Submitted by keystrokes on Fri, 11/17/2006 - 12:16

( Posts: 495 | Credits: )