denali60610
Junior Member
What is the name of your state? IL
I had a line of credit with MBNA and a few years ago started paying through a "credit counseling service". I missed a couple of payments along the way and although i fixed the problems with my other accounts, MBNA charged off the debt to CACV. That was approx. 1 year ago. i set up a plan with Pentagroup to continue with payments for a year and then "see where we are". a month ago, pentagroup began calling me again and wanted me to make a balloon payment for the remainder, which i cannot do. i then asked for the balance of my debt, and was told several different amounts. i was told that i am being charged interest (although i recently looked up my credit reports and they are reporting that i only owe the principal w/o any added interest). i requested a statement that details the amount i owe, the % of interest i am being charged, etc. but was told they can't/won't do that and they continue to refuse to put things in writing. i have offered a settlement, but right now they want me to pay a large percentage of the principal while i am offering about 50%. Now, after reading some of the advice on this and other websites, i have acted naively with this company, with the idea that i just want to pay what i owe and be done with it.
my questions are:
1) can i still request verification of the debt from CACV/pentagroup and if so, do they have to tell me the balance and interest information?
2) if so, if they do not act on my request, what are my options?
3) where do i go from here? i am of the mindset to send them a letter stating i will only deal with them in writing and then changing my account information to prevent them from deducting further payments. then not paying the rest until it has been verified or just wait to be sued.
any thoughtful advice would be helpful. thank you.What is the name of your state?
I had a line of credit with MBNA and a few years ago started paying through a "credit counseling service". I missed a couple of payments along the way and although i fixed the problems with my other accounts, MBNA charged off the debt to CACV. That was approx. 1 year ago. i set up a plan with Pentagroup to continue with payments for a year and then "see where we are". a month ago, pentagroup began calling me again and wanted me to make a balloon payment for the remainder, which i cannot do. i then asked for the balance of my debt, and was told several different amounts. i was told that i am being charged interest (although i recently looked up my credit reports and they are reporting that i only owe the principal w/o any added interest). i requested a statement that details the amount i owe, the % of interest i am being charged, etc. but was told they can't/won't do that and they continue to refuse to put things in writing. i have offered a settlement, but right now they want me to pay a large percentage of the principal while i am offering about 50%. Now, after reading some of the advice on this and other websites, i have acted naively with this company, with the idea that i just want to pay what i owe and be done with it.
my questions are:
1) can i still request verification of the debt from CACV/pentagroup and if so, do they have to tell me the balance and interest information?
2) if so, if they do not act on my request, what are my options?
3) where do i go from here? i am of the mindset to send them a letter stating i will only deal with them in writing and then changing my account information to prevent them from deducting further payments. then not paying the rest until it has been verified or just wait to be sued.
any thoughtful advice would be helpful. thank you.What is the name of your state?