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Dear Terry,
In 1998, I had an accident. Mercury insurance
paid off the dealer. However, the dealer is after
me to pay the interest on the car, as if I had
had it five years. Bill collectors have been aggressive
trying to collect. What can I do?
-- Barbara
Dear Barbara,
If your e-mail is accurate, you're saying that 10 years after the car was totaled and the insurance company settled with
the lien holder, you're being pursued for a balance due?
You first need to find out from the insurance company exactly what was paid and compare that to what you
owed on the principal of the car loan at the time. If there was a gap between what you owed and what the insurance company
paid, you would have been liable for the difference.
The collection agency could be trying
to tack on interest for the unpaid portion. But
overall, I would contact an attorney to sort through
this, because 10 years is a long time for this
to still be an issue.
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