I am currently dealing with an Action Payday loan that was sent to collections and need some advice. I have received a total of three loans with Action as outlined below. Loan #1 amount: $500 Paid for Loan #1: $575 Loan #2 amount: $500 Paid for Loan #2: $650 Loan #3 amount: $500 Paid for Loan #3: $0
Based on this, I have received a total of $1500 and paid a total of $1225, resulting in a principal amount due of $275. I sent multiple e-mails and faxes to try to settle for this amount but never received a response. I finally got the collection call today. I explained everything to them and said I was willing to pay the $275. They said that although my information about it being an illegal loan in my state of North Carolina was incorrect they would settle for $395. I said that the most I would pay back was $275 and they said that was not acceptable and the collections process would continue. How should I proceed with this? Should I just accept the $395 and be done with it, or hold my ground?
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