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My payday loan has been sold to a collection agency. They have made a settlement offer to me. Should I accept the offer or pay the full amount? I’m hearing that the account status will updated as "paid" on my credit report irrespective of the mode of payment. I live in Maine. The name of the payday loan company is Paydayone.com.
Made a settlement offer to me
Welcome to the forums!!!
Payday lending is prohibited in Maine. That means your lenders are illegal. You can easily get rid of this trap by paying back only the principal. Don’t worry, illegal lenders can’t report to the credit bureaus.