Are Payday Loans Worth It
are payday loans worth it
Debt collection from Paragon Way Inc?
I just received mail from Paragon Way Inc. stating that I owe $500 for a payday loan. This seems a tad absurd, especially since I don’t have a job and haven’t had a job. I wonder if this could be spam, as the bottom of the mail states that “To help you out, we’re offering you a discount of $290.25 on the above-referenced account if you settle by 06/16/2008.”
Should I go ahead and send a letter for debt validation? And would it be worth checking my credit report (which I can’t imagine anything should be there, as I have no credit cards or even a bank account) to see if maybe somebody is taking things out in my name?
I’m not sure what to do about this. Any help would be greatly appreciated.
This is a settlement offer, and are quite common among collection agencies. Collection agencies do a lot of skip-tracing (trying to locate the debtor) and I have seen instances where people with common or semi-common names receive these letters when the agency is in fact attempting to locate someone else with the same, or similar, name. I WOULD recommend that you contact them with a request for validation (legally they must provide you that or write-off the debt). Also a good idea to check your CBR from each bureau; which you can do for free via the government @ https://www.annualcreditreport.com/cra/index.jsp
