I purchased a used car through GMAC. The loan through GMAC was for $5,000. I paid $8,000 cash. I paid on the loan for 4 years, the last year I was struggling. The interest was so high and all the fees, I had paid them over 6,000 already. GMAC sold the loan to a debt collection agency called Monarch Recovery. The loan balance was $800. Monarch pushed the loan back up to over $2,000. They call constantly. I sent them a cease and desist letter. They stopped for a week, then started calling private.

They now have left two messages threatening to come to my home. I had better be there and have valid driver’s license. This car is 11 years old and worth about $500 now. I can’t pay them over $2,000 and I am afraid of these people and afraid they will take my car. I will lose my job and I am in poverty. I do not know where to turn.

I read a complaint on the Internet from another consumer who had the same dealings with Monarch. They took his car and towed it 150 miles from his home. He paid $400 in towing and when he got it, they had cut all the wires and vandalized it beyond repair. They have been fined by the FTC. They just keep changing their name.