Yep, another PAYDAY LOAN dilemma!!! Please comment

Ok, I dont know what to do.... I live in Ohio and 5years ago i did a online payday loan. Several creditors call me over the last years and i repeatedly tell them it was fraudulent due to the fact the amount due has sky rocketed. Anyway, lately this year the calls have become more threatening, stating they are taking me to court and that the fees will be triple. The original amount was $300 and I offered to pay that, but they are unwilling to take that. I am in college now and i definitely dont have the amount they are requesting. Even with the settlement they offered it just would not considerable. I have no clue what to do... I dont want to go to court and have my wages garnished!!! The company is VCFunding..They go by many names, PD6 Ventures/Broadmoor Ventures/Xpress Cash.


Thanks im' new to this site. I need to get a login...

VC Funding is not a legal lender in the state of Ohio. You are not legally bound to pay them anything more than the principal amount borrowed. Moreover, illegal lenders won't take you to court.

All though this account was sold to National Credit Adjusters. They are threatening to take me to court on Vc Funding's behalf. They said VC Funding no longer has anything to do with the loan. So is what your saying still true if this account has been sold?

The loan is still an illegal one. NCA has bought the debt from an illegal lender.

Ok what do you suggest? Should I call the Credit agency and pay them what I can? Or just leave all this alone. It was 5yrs ago... Is there anything I read that will all state this??

you also need to find out what the statute of limitations on an unpaid debt are for your state...i'm pretty sure this will probably exceed the statute....most states have a 2-5 yr statute on collecting on an unpaid debt

Ohio's statute is 6 years. You need to send the collection agency a debt validation letter. There is no way they can validate an illegal debt. When they fail to validate, send them a cease and desist letter.