What happens if a creditor closes your account?
I stupidly signed up for this vacation package with this company called TAN about two years ago. Well I paid on it for a little over a year (around $ 800), the last 8 months i have not made any payments. And even though i financed this trip, it did not appear on my credit report.
Well, I called today to go ahead and try to make arrangements to start making payments again on my account (owe about $ 2000) and the manager said my account has been closed and i do not owe anything. So, I asked am I going to owe something in the future? He said no and they wont continue trying to collect. I noticed they have stopped calling me too.
What happens now? It seems weird that any company wont go thru the legal process to collect. Should I not worry about this debt anymore? Do you think they will sell my debt and someone else will be trying to collect? Or is this TAN vacation people so nice that they will just close my account and forfeit any further payment without any justice? I dont want this to come back and bite me later.
Thanks for help!