Hopeful1 Posted March 23, 2012 Report Share Posted March 23, 2012 (edited) After searching, I haven't been able to find any recent posts about these Payday loans. I see an entry on my hubby's EQ only. Long story short, the entry is from the OC but says "collections". We were not aware of it, nor the balance of just over $300. DOLP was in 2007. Is this type of account considered a promissory note or written contract? I need to determine what the SOL is but don't know which type it's considered. Also, has anyone has luck disputing with these places? I'm unsure if they have many records.Thanks! Edited March 23, 2012 by Hopeful1 Link to comment Share on other sites More sharing options...
Hopeful1 Posted March 23, 2012 Author Report Share Posted March 23, 2012 (edited) OK so after a little research I have discovered that this is an installment loan but it's also listed as a "note loan". So I'm still confused about debt type(but did find out that payday loans are illegal in Georgia). I know we don't have a copy of whatever my hubby signed...so which could it be?Written Contract: You agree to pay on a loan under the terms written in a document, which you and your debtor have signed.Promissory Note: You agree to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. A mortgage is an example of a promissory note. Edited March 23, 2012 by Hopeful1 Link to comment Share on other sites More sharing options...
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