Should I rely on the words of the collection agency? Few days back, a CA contacted me to make payments on an account I have yet to pay back in full. Will I start negotiating with them or ask them to validate the debt?
" To whom it may concern, It has come to my attention that payday lenders must be licensed by the state of California in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. To date, I received a deposit of $250 on 11/01/2016 and have had 4 debits of $75 and one for $87.50. The $250 principal has been paid with an overpayment of $137.50.