Debt Consolidation Care Answers
Debt Consolidation Care Answers

 

Pay day loan?  

0
Ive received two phone calls within 24hrs of some company called Money Line. They said I received a loan of $200 back in June 2007. Now I owe them $425. I told them I would only pay back what i took and not all these ridiculous finance charges. Then I asked them why now almost 3 yrs they decide to start calling and they say they just decided to settle it. I ask why hasnt it showed up on my credit report since 2007 and they said they dont want to go that route and if they did report other things would happen to me also. I asked what things and they couldnt answer my question. Didnt make sense so I told them that if they have the power to report on my credit i'll gladly pay them. What should I do?
 

asked Mar 17, 2010 09:12 AM

Anonymous
Anonymous
Best Answer
4
best answer

Do you remember borrowing money from this company? You should be careful. There are a lot of scam companies out there who would call people up saying they owe them money and start threatening them to get their credit card numbers. It happens to a lot of our clients. Somehow, these scam companies get a hold of their information (probably from other payday lenders) and they call them, threaten them, and force them to make a payment. Sometimes it works, because some people with numerous payday loans can sometimes forget who they did and did not borrow money from.

Payday lenders are also known NOT to report to credit report agencies. We are not sure why they don't, but from our experience, payday lenders usually do not report against their borrowers.

Honestly, sounds like a scam to me. You should ask them for proof that you did borrow the money. There should be a loan agreement or contract showing that they deposited $200 in your bank account in June 2007. Tell them that if they cannot provide it to you, you will not talk to them. From experience, if this is a scam company, they will leave you alone after a day or two, after realizing that you are too smart and that they have no chance of getting money out of you. Good luck!

answered Mar 17, 2010 09:27 AM

1 Answers

0

I even have to wonder what the statute of limitations is on this one if they waited 2 years to collect on a supposedly legitimate debt? I'd ask them to send a letter on company letterhead stating what you (supposedly) owe and that it is in fact a legal debt. I'm also willing to bet you wont' get a letter from them. (you might want to report them to your State Attorney General Office and Better Business Bureau, also your State Dept. of Financial regulations)

answered Mar 17, 2010 10:27 AM

Anonymous
1 

Write your answer here. And keep checking whether it's been chosen as the Best Answer.*

 

Why DebtCC community

recommends OVLG ?

Watch true stories


Call - 800-530-OVLG
( Open 7 days till 9 )

Or
 

Recent Five Members

More Members..

Feedback

Tags

and
day
do
i
me
NCL
ON
owe
pay
PDL
Too
who