Legal Question in Credit and Debt Law in Texas

pay day loan

I borrowed money from an online ''payday loan'' company in August 2007. I did not repay completely and changed banks. They continued to send payment requests to the bank, I continued to get overdraft charges and I thought issue resolved. Long story, bottom line, I was contacted by a collection agency telling me that I was going to be ''served'' on Tuesday 3-4-2008 unless I paid them $634.77. They then said they would ''settle'' for $443.89. My question, can they ''serve me'' and what happens if they do.

Thanks

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