Arrow Financial Services ripoff Discontinued collections and ruined my credit report Niles Illinois

Arrow Financial purchased my account while I was on a credit couseling payment plan, forcing me to make additional arrangements with them to pay my balance. We made the agreement that $159.62 be withdrawn automatically from my account each moth until the balance was paid off. In October of 2005 they discontinued the withdrawals from my checking account and provided me with no notice that there remained $957.75 to be collected. I assumed that the balance had been paid. What collections company has full access to your wallet and doesn't collect the money agreed to??? Arrow Financial, that's who. I pulled my credit report in June of 2006 and it reported that i had a 0 balance with Arrow Financial and a settlement had been reached.


In August of 2006 Arrow sold my "mysterious" debt to True Logic Financial for collections. Yes, Arrow Financial, a collections agency, has to hire a collections agency to collect their debts, even when they already had full permission to collect from me each month. Does this seem poorly run to you? True Logic Financial contacted me and advised me that they had purchased this debt and needed to collect. You can imagine how surprised I was that it even existed! I paid a settlement amount of $500 to True Logic, however, they told me that a new entry of collections would be made to my credit report due to this sale of my debt. I am in the process of buying a home and this will have a negative impact upon my cedit rating which I had been fauthfully been trying to improve since my enrollment in a credit counseling program. I tried to contact Arrow Financial several times, leaving messages that are never returned.


I have now had to hire an attorney and am going to pursue this legally. If Arrow had continued to collect from me as agreed they would have collected the full amount owed and the balance would have already been paid off and the negative entry to my credit report would not have happened. I will pursue the removal of the credit entry and monetary damages incurred as a result of their incompetence. BE AWARE!!

Michael
West Warwick, Rhode Island
U.S.A.