VIP Loan Shop Payday Loan In Collection

Date: Wed, 08/24/2011 - 09:45

Submitted by dicamille2001
on Wed, 08/24/2011 - 09:45

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Total Replies: 2

I live in New York and took out a payday loan last year for 600 from VIP Loan Shop I paid the interest or fee as they called it above and beyond the 600 that was borrowed and upon realizing that this practice was illegal in my state I went about closing the attached bank account. Today I received a call from a collection agency that informed me that they had purchased said debt from the payday loan company . I informed them that after having consulted with my state's AG since I had more than repaid the principal of the loan, I owed VIP loan shop nothing. The caller informed me that my account was going to be marked refusal to pay so i said ok. what if any steps should i take or be on the look out for at this point

You probably have nothing to worry about. You've already contac

You probably have nothing to worry about. You've already contacted your AG, you've overpaid the loan and you owe nothing further.

If this or any other CA contacts you again you can either send them a cease and desist or you can request validation of the debt. '

Your choice.

I would also file a complaint against the CA that contacted you. Let your AG know that these CAs are trying to collect on illegal loans.

lrhall41

Submitted by OhioGal1 on Wed, 08/24/2011 - 10:07

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Thank you for the response. i have already drafted a loan verifi

Thank you for the response. i have already drafted a loan verification letter in which I have informed them that I have already reported this matter to the AG and the FTC. I will heed the advice and also file a complaint with the FTC against the Collection Agency

lrhall41

Submitted by dicamille2001 on Wed, 08/24/2011 - 10:29

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