Phone call - collections
Thank you very much. I did take the call today. It is one of the loan that i was forced to take. The creditor was 'MYPAYDAYLOAN.COM'. However, soon after I discovered that they were an illegal offshore (Costa Rica) lender, I informed them that I will only pay the remaining principal amount of the loan. But they were unwilling to settle. I tried multiple time and at last just let it go. Apparently, they sold the loan to berkeley and wright CRG. This company is threatening me to sue for defaulting on legal obligations if I don't pay and also to inform my manager at work. However, after I told them that the contract is illegal and not enforceable, they were willing to settle for the remaining of principal balance. However, they want a debit card on file and a third party will process the payment. My question is what should be my approach. I am willing to pay the principal amount, however, what should be the right way to pay them. They said that they will send me a 'paid in full' email 30 days after the completion of the payment.
Don't give your debit card details. No matter what they tell you. If you really want to pay the principal amount, then pay them by check. And, on moral grounds, you should pay the principal amount asap.
Do not reveal your bank details over the phone. Also don't pay a penny more than the principal. As Nick said earlier, pay them by check and ask them to send the "paid in full" email asap.