Question about payday loan help please :
I received a call today about an old payday loan that I had gotten in 2005 from Cash Advance Payday Loans. The caller claimed to be an investigator from Integrity Investigative Financial Services. She said that a civil suit was being filed against me for this issue and that I had 2 options. Option 1- Pay her compamy $920 to settle out of court, or Option 2- Go before the judge. I really do not want to go to court for this, but the real loan amount that I received was $200. I wanted to call the actual company where I received the funds, but the investigator said that I had to communicate through her. Has anyone else ever had something like this happen? I want to pay the debt, but I’m kind of skeptical of giving these people my information…especially when they said that I could not contact the original creditor?
Answer about payday loan help please:
With penalties and interest the outstanding balance on your $200 loan could easily be $920. The original loan company might have sold your loan to a collection agency in which case they are now completely out of the picture.
I would ask to see a statement explaining how they arrived at $920 and also evidence that they are now the legal holders of your debt. Don’t send them a dime until you get some proof that they are entitled to get your money.
Let them take you to court. I wouldn’t send them any money. They may be making an empty threat and do nothing. Until they prove you owe them the money you are sending money to a stranger. The worst thing that will happen is that a judge will rule that you owe them the money and in that case you know that their claim is legitimate. The judge might rule against them and you owe them nothing. The judge might also rule that you owe them less than $920. Many Payday loan contracts are unenforceable because they violate state lending laws. Also, since this is a five year old loan It has probably been affecting your credit for all that time. I don’t think you have anything to gain until they get a judgment because a five year old default won’t hurt your credit very much. A new judgment will hurt your credit if unpaid so do nothing until they get the judgment then pay the money to remove it. Check your credit report and see if there is anything about this claim on it.
source here.
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