I had an old wells fargo debt from 2001 and a collection agency finally caught up with me in 2007. I live in Vancouver because. The amount last reported on my credit bureau was $6217.00 and the original amount at the last time I made a payment was only$2741.00, meaning there was a lot of interest tacked on. The collection agency sent me a letter stating I owed $16000.00 so I negotiated it down to $8000.00. I have repaid about $4000.00 of that and feel that enough is enough, my credit bureau doesn't show the debt anymore and since then I have rebuilt my credit. My question is do I have anything to worry about if I stop paying or do they have recourse to come after me seen as how I have acknowledged the debt and repaid and substantial amount of it back? Basically I feel I have paid enough and more than the amount reported on my credit bureau. Please advise me of my options

Thanks

I don't quite understand - you agreed to pay $8,000 (although the original request from the cc company was $16,000), you have paid $4,000 which you feel is more than enough and you want to cancel the agreement (for the balance of the $8,000)?

Depending on what you signed when you negotiated the lower figure the cc company could pursue you for the balance on the original debt of $16,000 plus fees and costs.

You cannot enter into an agreement and then decide you don't want to honor it. The cc company could not decide they still want the $16,000 even though you agreed on $8,000.