I had a credit card from Equitable Bank back in Jan 2008 and it had a balance of 52,545 to include late fees and interest charges (the last month was 2,600+). I agreed to have an extended payment arrangement with the bank for 1 year which I undertake to pay the amount of 59,432.40 (inclusive of 6,800+ interest for the 1 year arrangement).
The 1st amortization was made on 3/15/2008 and the last was supposedly 2/15/2009. Due to some minor financial problems, I was only able to deposit 20k on 2/20/2009, 5K on 3/10, and 1K on 3/12 which actually completed my payments of 59,500.
Unfortunately, BDO (after absorbing Equitable Bank) went after my payment arrangement declaring failure of the extended payment arrangement and they reverted back to the credit card transactions applying all interest charges and penalties they deem necessary which they’re now claiming that I still owe them 28K which to me is absurd.
Over the course of 5 years, I got contacted by at least 4 collection agencies demanding payment of the 28K and I gave them my explanation either in writing or phone call. The 2nd to the last collection agency that talked to me told me that I don’t need to worry anymore because I’ve already paid enough and that it’s not right that the contract gets reverted back to credit card transaction because the sole purpose of the extended payment arrangement is to extinguish the existing debt. I just feel harassed now that another collection agency is contacting me and offering a lower amount to settle the debt (25K).
I’m exploring options on how to deal with the harassment as I know I’ve already paid my debt and they’re asking for more. I don’t intend to pay them. If ever my case gets elevated to court, what are the chances that I can win the case and am I right in thinking this is already harassment that may have legal implications?
Thank you very much.