I had taken a payday loan out over a year ago, more like 2 years ago... I paid half of it back or so(about 150$) and they kept tacking interest and whatnot on, so i sent them a cease and desist letter, closed my bank account, and ignored them. I received a phone call today from "Joe Hainey" at "Reliance Exchange", saying my debt is 1100$ but they will settle for 550$, due TOMORROW, 1/16/2015. He threatened both garnishing my wages, as well as the "client" taking me to court.
He knew information such as the date of the loan, the bank account used to receive the money...
I'm not sure what to do! I asked for physical papers in the mail, and he said that i should have received 2 letters in the mail today, which i stated that I didnt. he said mailing more papers would take up to 15 days, but that since i only have until tomorrow before they garnish wages and take me to court(he even told me which court, pretty local to me).
I asked him to email me information at least, and the docx he sent barely even looks legit.
Theres the header type thing, "Reliant Group, 3455 Peachtree Industrial Blvd. Suite 305-202 Duluth GA 30096 Tel: 855-233-4163" and then information about the situation. Just a confirmation letter for written verification, that once I pay I'll be issued a release letter, and that its an attempt to collect a debt from a professional collection agency. His email address has a subdomain at reliancexchange.com, which is the firm he works at I'm guessing?
Help please!!! I can easily settle for the 550, but I'm worried it wont fix my debt, or they will take more than I allow...