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boneyard64

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How to proceed from here
In 2004 I had a Motor Home repo-ed the balance after the bank sold it was $20,000. I made an agreement with the bank to pay $150.00 per month. I kept my agreement. November of 2013 the bank changed hands and they stopped taking the ACH payment and stopped reporting the write off. I tried to make a pay off deal earlier in 2013 they would not agree without a lot of tax and income information. By Michigan law the debt should have come off of my credit report 11/13. which what I thought had happen. I recently received a letter stating they where going to write off the debt and report to the credit bureaus. should I challenge this or try again to make a deal.

Thanks

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I don't understand why you think that the debt should have come off your report by Michigan law.  That makes no sense.  It won't come off your report until 7 years from date last payment was made or 7 years from date it is paid off (or settled).  Michigan laws have nothing to do with the 7 year clock, that is a federal law.  I'm guessing you're confused with Michigan's statute of limitations, which has to do with the amount of time they have to haul you to court and file a judgment against you.  Two different time frames.  You can start sending your payments to the new bank (don't call, just send in the payment) and I bet they will start accepting them.  If you talk to them on the phone they'll jack you around, but since most payments go directly to a lockbox, they usually won't reject them.   Of course, you can still write to all the bureaus and ask them to verify the account if and when it shows up on your reports, it never hurts to try.  Best of luck!

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