Thu, 07/15/2010 06:48
I just found out it is illegal to offer and accept Payday Loans in NJ. Basically, I am a just as guilty as the financial institution. One of the loans was sold to a collection agency. The initial loan was 300.00 and now they are trying to collect on 525.00. What is the best way to proceed with this without getting myself in trouble.
The collection company did send a letter, which I received yesterday stating they bought the loan. I was going to send a debt validation letter but not sure that is the best route considering the entire thing was illegal. My initial thought was to send a letter with a copy of the law and offer them 300.00 (initial loan)