IAG/Debt Validation Letter

If you read the FDCPA a validation only requires the creditor, the amount and the debtor. It does not require proof that the debt is accurate nor does it require any original paperwork. So technically that is all they are required to send. It would not be sufficient in most courts.

I thought that I had remember getting an email from Paydayone telling me who they were selling my account to, so I went back through my emails, and sure enough, I found it. Per their email, they sold me account to National Credit Adjusters, NOT IAG. Here is the email from Paydayone:

Dear :

This is to inform you that your PayDay One account has been sold to a third party. All further account inquiries or questions must be directed to:

National Credit Adjusters, LLC
327 W 4th
Hutchinson, KS 67501
Debtor Line: 1-800-542-1048

Regards,

The PayDay One Team

OK, so then my question is - who is this IAG and how do I handle them? What do I do? HELP!!!!

OK, so I got some clarification. I emailed a contact that I have at NCA (since I am dealing with them as they have my DJR account, which is in dispute since they are illegal in SC). She said that they did have my PD1 account, but it has been forwarded on to IAG. So, seems they do have my PD1 account and all is legit. So, back to my original question - how do I deal with them? I certainly cannot pay my balance of $865.26 immediately and in full. What is the best approach for working out a reasonable arrangment with them?

really now.i've noticed legit lenders selling their loans to bottomfeeders.which both NCA,and IAG are.btw nothing legit was ever done via email.have IAG send you a collection letter before even thinking about paying a dime.in fact search IAG in the bar top right.you will see how not legit IAG is.same goes for NCA.

Hey Paul! Good to see you again.....yes, I have already read quite a bit about IAG. They do seem to be scum of the earth! When I spoke with the guy on the phone and requested a DV, he asked me whether I would like it emailed to me or mailed to my home address on file - I asked him just to email it to me. So, what is your suggestion/opinion? As I said, PD1 is legal in SC (one of the few).I'm not sure of the proper legal amount that I owe them, and I do want something breaking down my fees of the total of $865.26, as I know for certain that is nowhere near the amount that I borrowed. Matter of fact, here is what I know:

I borrowed $625 on 7/7/10
7/30/10, I paid $278.42
8/31/10, I paid $278.42
Before the September payment was drafted, I closed my checking account because of all the illegal payday loans - I coudn't keep up with paying all the fees to the 15 or so that I owed on!
I also believe the SC law says that the maximum payday loan allowed is for $500, so, even though PD1 is licensed in SC, and therefore legal to lend, did they act illegally by lending me more than $500? Also, I believe SC law says that the maximum fees are $15 per $100 borrowed.....so if that is true, doesn't it seem that the total amount I was scheduled to repay of $1392.10 is in excess? I was scheduled to pay the $278.42 on 7/31, 8/31, 9/30, 10/31 and 11/30.

It is easy knowing what to do with the unlicensed, illegal lenders, but not quite as easy knowing what I should do in a case like this. Any help is greatly appreciated!

South Carolina34-39-110 et seq.$550 exclusive of fees allowed in ?34-39-180(E)A licensee shall not charge, directly or indirectly, a fee or other consideration in excess of 15 percent of the face amount of the check.


This is officially what the law says...... so does that mean that I should dispute owing $865 on a loan of $625?

well this is a CSO and payday loan laws don't apply.however get everything in writing via snail mail not email you need an address to send anything as i will never recommend phone arrangements with either IAG,OR NCA.btw ask again for the letter via USPS as you need an address to send the payments.see how fast he changes his tune as he was hoping for you to say email.i just know it.do everything by reg mail not email.

Paul, for my learning experience, what is a CSO and what is the difference between a CSO and a PDL? I will respond to his email and ask that the DV be sent via USPS with an address for mailing money order payment, but is there anything else I should ask at this point, or just wait for that? I appreciate all you do to help!!!

a CSO=credit service organization.is different as they do charge different rates for the loan and usually some of each payment does lower the principle.yes respond via email that you now want everything by USPS.

Thanks Paul! I emailed this guy back and asked for his mailing address - no response so far, and it's been a couple of hours....

i have a feeling about this,and it's not good.typical of them.re-send the email again.

Will do! I just worry since I know this one is a legitimate debt. I don't want to end up in any kind of trouble. Thankfully, I've gotten myself out of "most" of this payday loan mess.......I am in the middle of writing my state representatives now and will be a STRONG advocate for getting stiffer regulations and penalties for these payday lenders!

well while the lender might be legal.who they sell it to might not be.this is the case with both IAG,AND NCA.treat both like any bottomfeeder.

If the debt is legit, but the CA's are not, how do I go about taking care of my debt? The original creditor (PayDay One) won't talk to me about it because they have sold it to collections, and then then IAG, as we know, is involved in questionable business practices.....

as i said demand an address to send payments,and get any agreement in writing by snail mail.no address,no money for them then.