FSM takes out 3 payments every month for a payday loan

Okiegirl

Payday loans just take out the finance charge 4 times before taking the finance charge and $500 extra to pay down the loan so he might not be done depending on how much he borrowed. This is usually how these loans work unless you notify the co to pay down sooner. The number I have for them is 1/866/516/9300 hope this helps.

Hi okiegirl

Welcome to the forums. Are you keeping a complete record of all the payments made to the payday loan company? This will help you to calculate the total amount that you have paid towards the loan.

Regards
Roxette

I was contracted by a lawyer yesterday stating i was being sued by fsm for a $300.00 loan i took out, but it is costing me $800.00 anyone out heir with any advice. Thank you

GAIL

Did the lawyer give you the details of your debt? It is the process of debt validation where the lawyer has to serve the necessary details about your debt.

If they can't provide you the total amount of your debt along with the calculation of financial charges, you are not legally required to pay it.

Also, in the debt validation process, they need to provide you a copy of the agreement deed where the creditors have authorized the collection agency to collect the debt from you. It has to be licensed in your state before they make any collection efforts.

Until the following details are submitted, you can't be forced to pay the debt. Keep a copy of your correspondence in safe place so that you can produce it later as a valid proof.

I was recently contacted by a company supposedly to collect 2 payday loans that I thought had been paid off. I had already paid them in full to another agency, but was convinced by this agency to cancel that payment, stating that company was no longer contracted by the original companies to collect. I requested documentation from this new company but have yet to receive anything. They were threatening me that if I didn't pay it in full via credit card I would lose my job. I don't know which company is the real collection agency and not sure who to pay. I am not disputing that I owe, but cannot find either original company's phone numbers to contact and verify. Any ideas where to go? I looked both collection agencies up on Better Bus. Bureau and both have some negative comments, the latter company the worst record. I want to take care of this debt as soon as possible but can't find any info. on who has the right to my money. Thanks for any info.

Blnd71357, please send a debt validation request to both the companies that are requesting money from you. In the debt validation process, they will legally notify that they have been authorized by the original creditors to collect the money from you. As per the posting in this forum, please get the following points itemized from the agency claiming money from you.

• The details of the account.
  
  
• All the calculation should be shown of the amount that is owed.
  
  
• Any copies of the papers to be furnished that shows the payment agreement.
  
  
• Provide a verification or copy of any judgment if applicable
  
  
• The original creditor needs to be identified.
  
  
• The Statute of Limitation needs to be proven for the collection of the debt.
  
  
• The license of the collection agency applicable in the state is to be furnished along with the license numbers and Registered Agent
  
  
• Proof of the agreement that the debt collector has purchased the debt or has been hired by the creditor to collect the debt from the debtor as this is the basic contract law.
  
  
• Complete payment history showing the details of the creditors, payment history, amount of the debt, break up of fees/interest should be provided in paper.
  
  
• A copy of the original signed loan agreement between the debtor and the original creditor establishing the debt between both the parties also has to be produced.
  

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