I live in Arizona and took out a loan through Thin

I live in Arizona and took out a loan through ThinkCash in August of 2010. I made a total of 5 payments but then my wife lost her job and we were no longer able to make the payments. I am now being contacted by National Credit Adjusters stating that I owe over $1000. The original loan was for $500. My wife was was just told today after speaking with a rep that we have 48 hours to give them an answer as to whether I can agree to 6 payments of $173.28 with the first payment due March 31st. I have checked and National Credit Adjusters is licensed to collect in AZ however, I can not find any information as to whether or not ThinkCash is/was licensed in Aug. of 2010. Also, the collection agency faxed my place of work an employment verification form today but they did not fill it out and actually gave me the form thinking it was a scam. The rep told my wife that if we do not call back within the 48 hours then she will have no choice but to forward the file onto their legal department. We have received nothing in writing from this company but they insist a letter was just mailed out on March 3rd. At this time, what are our options and how do you recommend we proceed?

Well, if I were you, I would not agree to any payments over the telephone, period. First of all, they (National Credit Adjusters) are bound by the FDCPA (Fair Debt Collection Practices Act) and you have rights, to learn how to deal with a third party collector, please, CLICK HERE to find out how to deal with collection agency phone calls!

I would have NCA send you validation before you consent to payments. Think Cash is an insallment loan company, not a payday loan company, and you will have to repay them. They lent money through 1st Bank of Delaware but no longer are lending. You should have received information from them telling you where to send your payments if they're not taken out of your checking account. Your balance increased because of the unpaid interest that is accumulating. Try to negotiate with them to decrease the interest.