Payday Loan Collection Scams
These payday loan collectors will do anything under the sun and then some to keep the money coming through the door so we here at Help With Payday Loan Debt thought it would be a good time to share some of the most common payday loan collection scams.
Some of these are not really scams but simple untruths and bad collection practices but they all have several things in common, they are not truthful and they are not in any way cool.
Lots of people are misled every day into selling their belongings, pawning their valuables, selling an extra car and even taking out more payday loans and title loans to cover the past due ones, and we feel everyone should be armed with some info when dealing with these sharks.
We thought now would be a good time to write a post on this topic and maybe help clear up what they can and will do, and what you can do about it.
Lets start with what payday loan companies can and can not do.
Most companies do not take people to court.
They can but they don’t.
You are worth more to them by being in default because they can keep getting you to pay all the while adding interest to your account.
Once in court the Judge will usually freeze all activity on your debt and award damages accordingly, with the payday loan companies usually coming out with a noncollectable debt.
What they will do is threaten you in any and every way possible to get you to pay them whatever amount they can get out of you. The longer you take to pay them the more money they add to your total, and they just keep on adding on!
It is a win win situation for the loan companies, and they ignore all standard ethics when it comes to collecting that money from you.
Online loan companies are extremely nasty in their collection practices with many companies even collecting in states where online payday loans have been ruled illegal.
So, lets take a look at some of their collection practices
I call them all scams because they are mostly lying to the borrowers in hope of collecting money, and this to us is just plain dishonest..
The worst kind of people
We have been told stories that make you wonder what kind of person would ever work for these companies, but believe it or not there are people in this world that enjoy other peoples hardships and even love to make money off of them and that is just a sad fact of life.
We had a couple tell us their payday loan collector would call them 15 to 20 times a day at work, he had talked to their bosses and told them this couple does not pay their bills and this collector even threatened to turn this couple into social services for not caring for their kids if they did not make a payment immediately, even though that was completely not true, their kids were fine.
How about the apartment building manager who had a business agreement with the local payday loan company to send over tenants who got behind on their rent?
We have seen these companies threaten a couple with either making a payment over the phone immediately or they threatened they would have the sheriffs department meet them at the couples house to arrest them for non payment of their loans.
Another gentleman told his story of the loan company collector who would sit outside his house on payday and threaten him with legal action if he did not make a payment on that day.
Online companies are known for changing their names to get around stopped payments on checking accounts in states where payday loans have been deemed illegal.
The banks rarely catch these changes, thus the companies end up collecting another payment from the borrower even though they are not allowed to by law.
One couple in Wisconsin was talked into selling their house to cover three payday loans that were in default to the tune of $15000,00, and another couple finally took out a second mortgage just to get rid of their debts.
Others have went as far as filing bankruptcy to get out from under these collectors.
This list is just a small example of the lengths these collectors will go to and they will stop at nothing to get your money.
There is a better way to deal with these clowns, and you can take control immediately.
When you are pinned to the wall with no place to go it then becomes time to take your control back and fast!
You can take back all of your control, you can do it right now and you can do it for a very small investment in time and money.
We can stop these guys in their tracks and negotiate most if not all of your interest away and settle on a payback amount with these companies for about a third of what you owe right now, and we can make the payments affordable.
No more calls, hassles, threats, all gone in a flash!