I have been paying off my debt, and doing very well. For the last four months I have paid about 8k in debt.
Today my father had to sign for a letter from a payday loan place. I had completely forgotten about this loan. The bill said I owed them 371 with late fees, on a 300 dollar loan.
I called up the place to find out why I was just being contacted about a 3 year old loan, and to work out a settlment. They then informed me that I actually owe them 1500. After some talking, they agreed to take 600. I offered them 400 and told them I wouldn't go above that.
They are now threatening to take me to court. I am thinking that this is posturing.
I have had numerous other debts that show up on my credit report, or have managed to contact me. So with all that in mind, am I gambling too much on a 200 dollar difference? Also I live in Wisconsin, which is one of the most consumer friendly states around, so I also have that in my favor. And if it wasn't clear, this loan was taken out in March of 2012.