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mckess2019

Payday Loan - Possibly being sued?

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I took out a payday loan almost 7 years ago for about $900 which was eventually forwarded to a debt collection agency that did contact me a few times but the agency then closed in 2015. I never heard anything else from the original payday loan company or received anymore letters about the debt. Then about 6 months ago I received a suspicious phone call from an 888 number in New York claiming to be a private investigator and saying they are going to sue me if I don't call them back within 24 hours. I called them and they asked me to pay $100 a month toward the debt. I agreed as I did not want to get sued. I paid faithfully for about 5 months and then missed one payment. They began calling and harassing me from different phone numbers and tried calling my employer to verify my pay dates. I then did some research on the company and people are saying it's a huge scam and they are not a real company. They also never sent me a written verification of the debit. I called the original payday loan company back and they said the loan was sold to a debt collector but the company closed so they don't know what happened to the account. So I called them yesterday and told them I would not be making any more payments until I received the written verification of the debt. He called me back today and said he can longer handle my account and it's being moved to civil action and wished me good luck. What should I do??

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All you can do is wait until something happens. You don't say where you are but in most states paying starts a new statute of limitations period. So, yes, you could get sued, at which time they would have to prove ownership of the debt.

 

On the other hand, fly by night collection agencies (even if they legitimately own the debt) rarely want to spend money on lawsuits just for a few hundred dollars.

 

Again, nothing you can do until something happens.

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For starters, when was the last time you checked your credit report?  If you did so recently, what, if anything does it say about this debt?  If you haven't done so in a while, then that's what you should do.

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