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Debt settlement fiasco with unsecured account


CreditVortex
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I have lurked and learned over the last 14 months on this site and have taken the advice that closely pertains to my situation.   I have some accounts in charged off status and some are still owned by the OC.  I DV'd them when I should have and sent RTP's after validation (all CMRRR) as I decided that would be best for me.  The accounts are in limbo and I haven't heard for months from either the CAs or OCs.  I'm playing a waiting game with them.  
 
Now my question - Outside of the unsecured accounts I defaulted on I had one unsecured account that I felt obligated to continue to pay on.  I had called them (OC) before any of this started and they offered me an interest free payment plan that ran for 12 months.  I paid it faithfully and reduced the balance by approx half.  During the 12 month payment period (somewhere around the 4th month) they cancelled my existing account and instructed me that if I wanted to renew my account I would need to reapply and open a new account, based upon my credit worthiness and income as if my old account never existed.  
 
I continued to pay after which I was being billed for a smaller monthly payment.  I have paid on it for the last 5 months and I have never been charged any interest.  There is a link on my online account that sates I can find out what my interest rate is but it says I need to call to obtain it, I was able to see the rate before they cancelled my account.  The first month I called but the customer service rep said she doesn't have that information and referred me to a account specialist, then the AS couldn't give me a rate either.  She said to wait and she is sure they will correct it.  
 
It's been 4 months since that call and I still haven't recieved notification of what my rate is.  I haven't been charged any interest and I have continued to pay more than the required amount.  My balance has been reduced accordingly by the payment amount I made and it shows nothing on my statements or account web page about any pending interest or charges.
 
My theory is the original account was cancelled and I have no signed agreement that replaces the old one.  I have not had any notifications or charges other than the payment and notification of my next months payment.  I pulled the statements and verified that there is no fine print about any accured interest, nothing, nada, zilch.  I have saved all communications with them, the last (18 months ago) was the interest free agreement that I recieved a copy of.
 
I decided to let sleeping dogs lie and not stir the pot.  I will continue to pay the requested amount but if they try to back charge me at any time then they go into my default hat.  
 
Any thoughts?

 

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Since you don't identify the OC, its tough to know how far you can trust them...but, in general, most OCs do have "hardship" plans they allow you to pay them a reduced amount, interest free, for some period of time...usually a year.  While some do only reduce payments over that time, then revert to their normal interest/payment schedule...some do set the payment so that what you actually borrowed is paid off.

 

So, if you're receiving statements showing the balance going down...and it looks like there is a $0 balance in sight...you're probably good to go.  Keep everything.

 

Now...CO does not mean the OC has or will sell the account.  Those other people you are NOT paying will notice.  You will be hearing from them

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