CA for Payday1! What do I do now?????
Date: Thu, 03/01/2012 - 19:57
I posted about National Check Recovery Services calling me about an online payday loan that I took out in 2008 with Payday1. I emailed them my cease and desist letter and a letter advising that payday1 was not licensed in Alabama. Well got an email today with the loan agreement that I took out and it says Pay Day One of Alabama LLC and on the loan agreement it had this:
"This is a non-negotiable instrument. In this Deferred Presentment Services Agreement (the
"Agreement") and Federal Truth-in-Lending Disclosures (the "Disclosures"), "you" and
"your" refer to the Borrower identified above. The words "we", "us", "our" and "Lender"
mean PayDay One of Alabama, LLC, a lender regulated by the Alabama State Banking
Department. "Loan" or "credit" means this Deferred Presentment Services Agreement."
I am willing to pay this loan back. I only borrowed $100.00 and this CA is telling me that I have to pay them $350.00 or they are suing me. They called me about two weeks ago and someone left a message on my phone saying that I needed to contact their office to make arrangements to sign for my court date. Called the number and the rep told me that I could settle for $350.00. I asked how was that when the loan was only $100.00???? Basically, what do I need to do now? Please help!
I just checked alabama department of banking website and it shows that Pay Day One LLC of Alabama, even though they are based in Texas, has a Presentment License in my state. What does this mean? Am I screwed?
"This is a non-negotiable instrument. In this Deferred Presentment Services Agreement (the
"Agreement") and Federal Truth-in-Lending Disclosures (the "Disclosures"), "you" and
"your" refer to the Borrower identified above. The words "we", "us", "our" and "Lender"
mean PayDay One of Alabama, LLC, a lender regulated by the Alabama State Banking
Department. "Loan" or "credit" means this Deferred Presentment Services Agreement."
I am willing to pay this loan back. I only borrowed $100.00 and this CA is telling me that I have to pay them $350.00 or they are suing me. They called me about two weeks ago and someone left a message on my phone saying that I needed to contact their office to make arrangements to sign for my court date. Called the number and the rep told me that I could settle for $350.00. I asked how was that when the loan was only $100.00???? Basically, what do I need to do now? Please help!
I just checked alabama department of banking website and it shows that Pay Day One LLC of Alabama, even though they are based in Texas, has a Presentment License in my state. What does this mean? Am I screwed?
Your only option now is to negotiate with the collection agency
Your only option now is to negotiate with the collection agency and try to bring down the amount you owe.
