keanro Posted March 16, 2005 Report Share Posted March 16, 2005 A few years ago I bought a computer from Gateway through MBNA. I ended up defaulting on the loan because my husband lost his job. A while later when he was working and we started trying to clean up our credit we agreed to pay $50 a month to the collection agency it was assigned to, NCO. They automatically withdraw the amount every month. For three years we have been paying this way as agreed. When I checked our credit report recently I discovered that MBNA has this account listed as a charge off and NCO has it listed as well. It looks like they are two separate accounts even though we only had one loan. Are they both legally allowed to do this? Also, even though we have been paying on time every month for the last three years NCO is reporting that it is 120 days or more late. Can they do this? I wrote to them and asked that they update the information and and they (NCO) replied with a letter dated 39 days later that they information was correct. I have all my bank statements to prove we paid as agreed and a copy of our credit report showing how they are reporting it. Can I sue them for $1000 for not responding within 30 days and would it do any good? Since my current balance that I owe them is just under $500, I was considering offering to settle the account on the conditions that they consider it paid in full and that they fix the credit information on my report in exchange for not suing them. I would like to get this fixed ASAP because we are trying to buy a new house. We recently purchased a new car and had no trouble getting financing, but were turned down for our house loan today in large part because of this account.Any help would be appreciated. keanro Link to comment Share on other sites More sharing options...
keanro Posted March 17, 2005 Author Report Share Posted March 17, 2005 I forgot to ask, can I refuse to make any more payments on this account when I offer to settle with them before they have agreed to the settlement? I thought it would get their attention that I am serious about this, but would it hurt my chances or having this resolved quickly?thanks, keanro Link to comment Share on other sites More sharing options...
workinninetofive Posted March 17, 2005 Report Share Posted March 17, 2005 Somebody else will probably jump in here regarding your questions. Did you give them your bank acct info????! Link to comment Share on other sites More sharing options...
keanro Posted March 17, 2005 Author Report Share Posted March 17, 2005 Unfortunately, I did give them my bank account info and authorization to withdraw the monthly payment on a scheduled date. This was three years ago before I had any clue about how to do all this. (Not that I know much more now.) I do have all the proof where we have been paying this for the entire three years despite what they report on our credit report. Can I stop payment on this? I really need all the help I can get on knowing what my rights are with all this. What is this book I see in other posts and where can I get it?keanrocurrent score of 602 Link to comment Share on other sites More sharing options...
horns Posted March 17, 2005 Report Share Posted March 17, 2005 The "best" thing to do that you are so far into it is to pay it off...but before you do that , get in writing from the scumbag collection agency that you will not pay it off until you have a letter stating that once the balance is paid in full that it will be removed from your CR. Getting the collection removed is a big plus...I doubt that MBNA will budge, as they are very difficult to get CO's removed unless the SOL is up. BUt, having one less CO or collection on your report will help... Link to comment Share on other sites More sharing options...
SevenBagels Posted March 17, 2005 Report Share Posted March 17, 2005 It is going to be difficult to stop payment when they automaticaly take the money out of your accoutnt. I was in a similar situation where I had to stop payment on an automated account. I found out that I had to stop payment each month. (with Wells Fargo). I finaly had to open a new account. In your place, I would not deal with the CA but go directly to the CBR. Sned them proof of payment and settlement. The CBR should be able to make the corrections. I have done this with a few of my accounts with the CBR. I had diputed an account (cancelled check) tried to deal with the CA who didn't responded. At the end, I send all my correspondence with the CA to the CBR and the account was deleted. Link to comment Share on other sites More sharing options...
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