Bobbie

[pbrussell00]

What is the name of your state?What is the name of your state? ND

My husband purchased a used boat 3 years ago from his friend and also employer at the time for $5,000.00 which the bill of sale showed in his employer's name, not his business.

We purchased the boat under the impression that it was an interest free loan and that payments of $30 per week would be made until the boat was paid off.

My husband left employment there a few months later under good terms. Nothing in writing other than the bill of sale has ever been received by us. We continued to make payments of $150.00 per month until the boat was paid off.

We received a letter from the bill of sale's CFO stating we owed 8% interest and late fees of over $2300.00.

We never signed ANY agreement to interest or late fees. What legal leg do they have to stand on?

I appreciate your good advice.

Thank you

 

[BelizeBreeze]

Send back a very nice, certified (RRR) letter simply stating....

We are in receipt of your request and must, unfortunately decline the offer of future payments.

But thank you for playing.

Sincerely,
Not an idiot

 

[pbrussell00]

Thank you Belize for your reply. I guess I am wondering if this CFO trys to report on our credit bureau under the business name that we were late or owe a balance, what is our recourse?

This is foriegn ground to us and we just don't quite know how to proceed. Thanks again,
Bobbie