Advice on Letter Received Regarding Old Payday Loan
Date: Thu, 06/04/2009 - 18:54
About 3 years ago, I had several payday loans (all online). I was fortunate enough to come across this site, which became a real blessing to me! I contacted all of my payday loan companies with the letter telling them to stop all automatic drafts from my checking account, etc. I had grossly overpaid all of them at that point. I asked that they mark my account paid in full. The majority of them did that. I had a couple that just never acknowledged my correspondence, so I just repeatedly emailed & faxed the letter to them. I have copies saved of all of my correspondence with all of them. I also have copies of my bank statement showing all payments made to each company. The deal is that today, I received a letter from Stellar Recovery Inc. (representing InstantCashLoanTillPayday.com, Rio Resources, MTE Financial, and any other of the 50 names that they go by) saying that I still owed InstantCashLoanTillPayday.com $130.00 that they are trying to collect on. They will be glad to accept a settlement of $78.00, and they will even let me pay in 3 installments. Well, considering that I paid InstantCashLoanTillPayday.com $830.00 on a $300.00 loan, my first instinct is to tell them to go jump off the nearest bridge. My second instinct is to just ignore the letter. I originally sent the letter to InstantCashLoanTillPayday.com on June 27, 2006; the loan was taken out in January 2006. I'm just wondering if anyone here has any advice on how to handle this. Thanks!
What you paid MTE won't matter to them since they didn't get the
What you paid MTE won't matter to them since they didn't get the benefit of that. They jost bought your balance, probably for $5 or so after so much time. Other than the occasional form letter, I doubt they'll put much effort into collecting it. However, you should check your credit report since some collection agencies will stick even a payday loan on there.
