Legal Question in Consumer Law in Georgia

Have a letter that loan was paid off, now they're telling me it's not

On Sept 29, 2005, I emailed a note to my loan company to take the remainder of my loan from my account, as directed by the company rep. After noting that this payment did not come out, I went to the company to pay it. They told me I could not pay it because it was paid off. They then gave me a letter stating such. I also received another letter in the mail. My account had sufficient funds to pay the transfer. There were no checks returned on my account. I figured I may have overlooked it on my statement. I also have a printed receipt stating it was paid by ACH. However, I have no proof from my bank that they paid it. The loan company contacted me recently, 4 months later telling me that the loan is not paid off and I have to pay the balance plus interest. They said the transaction didn't clear because of insufficient funds. When I contacted my bank, they said the transaction never was put through. Is there a statute of limitations on this or is my letter admissable as proof that the loan was paid off?


Asked on 4/03/06, 5:19 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Have a letter that loan was paid off, now they're telling me it's not

Your post is confusing, but this is the bottom line - It is your loan and presumably you know if you paid enough to pay it off. Presumably, you know what payments were or were not paid from your bank account.

If the loan is paid, show them them cancelled checks or other documents that show the payments. If it is not paid off, then pay it off. It really is that simple. Perhaps there was a glitch on their end, just as there was one on your end, since you should have known what went out of your account. Work with them, if necessary to get the balance, get rid of any negative possible negative credit entries, pay it off, and everyone is where they are supposed to be.

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Answered on 4/03/06, 7:13 pm


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