I made a 50% settlement agreement for an old $11140.55 credit card debt which was the worst on my credit report. I was faxed an agreement and express mailed the payment using a personal check with all information in the memo. They called and gave me different stories of why they couldn't accept the check and could only do a payment via phone with my routing information. I was uneasy and didn't agree. The last thing they did after passing me from person to person was threaten to sue. I told them they may only contact me via mail. I met all of the requirements of the agreement we made and they haven't cashed the check. I feel they were trying to scam me. What is going on?
You have a copy of the agreement, hoepfully. Call the credit card company and explain what happened. If they tell you they had a collection agency working your account, tell them that is fine, but as the bank's agent, they represented the bank. Now you'd like to verify that the agent was able to negotiate the settlement. If the bank can't explain the situation to you or refuses to honor the agreement, ask who their federal or state regulator is and how to contact them; then, do so.
Anyone could speculate that they wanted your account information and authorization so they could try and take perhaps more money that you were approving, but the bottom line now is that they agreed to a settlement and you sent them a personal check for that. Unless the Agreement required another means of payment, you want them to honor what they proposed.
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You have a copy of the agreement, hoepfully. Call the credit card company and explain what happened. If they tell you they had a collection agency working your account, tell them that is fine, but as the bank's agent, they represented the bank. Now you'd like to verify that the agent was able to negotiate the settlement. If the bank can't explain the situation to you or refuses to honor the agreement, ask who their federal or state regulator is and how to contact them; then, do so.