Back in November 2010, I was contacted from Wells Fargo Collections (missed a couple of payments) signed up for automatic payments for 60 months at $58 a month. Debt would be paid at the end of the 60 months.
Well, I open my mail today and see that I have notice of withdrawl (fine, no problem), the next letter states that I am past due and the amount owed is double of agreed amount of automatic payment. I call and the representative tries and tells me that accounts are recycled every 6 months and that causes your account to go back into past due status. WHAT! Now I may not know all the credit rules, but I do know that once you have reached an agreement, you are not to recycle anything.
Especially, if I haven't missed a payment!! Then on top of that it looks as if my balance is not even going down. After 18 months x $58 = $1,044. So since you want to recycle my account and still report me to the credit bureau, I will recycle my bank account and you not get another cent!!!
I will seek an attorney for this matter!
Product or Service Mentioned: Wells Fargo Account.