We have seen just about every kind of collection method used by these guys and gals and we thought we better put out a post about how to deal with payday loan collectors who threaten you!
Pretty much all of them use some sort of scare tactics and we would like to expose them for what they are, cowards and liars!
Now those are very strong words but they do apply and if you want to know why, continue reading this post.
These people will resort to anything and we mean anything to get your money and we feel you should be informed about these tactics they use and what your rights are when dealing with the collectors.
[ Need help with payday loan debt?
Check out our Payday Loan Repayment Plan! ]
You have specific rights when it comes to bill collectors and what they can and can’t legally do and say when trying to collect a debt from you.
Most collectors disregard the collection laws and will use just about any scare tactic they can come up with to get you to pay them any amount they can squeeze out of you, regardless of your payment amount.
This is all illegal and should be reported.
Telling you that you are going to jail, calling you at home and work, coming to your home or place of employment to collect money, these practices are all not acceptable.
You can report what you think is inappropriate collection practices by visiting The Federal Trade Commission and filing a complaint.
Remember, these loans are set up with huge interest rates and by the time you get behind on the payments you have already made these companies huge returns on their money invested.
These loan companies make incredible profits and will take any amount of money they can get you to give up, and they will say anything to get it because it is all pure profit to them at this point.
Many of them can get away with these types of practices simply by being based outside of the US, and thus the authorities can not enforce the laws, but this is slowly changing.
It pays to report them, and it also pays to never let them rattle you with their threats.
You have options they are not telling you about and that is why places like this site exist, so we can inform you that you have rights and you have options.
Here is an excellent video that explains just how these companies operate from the mouth of a former payday loan manager.
Was that a bit of an eye opener? In his own words, he explains how he used to get money out of his customers using any means available.
And the saddest part of all of this is it is happening all over the USA on a daily basis!
One thing you did not hear him say was how easy it really is to get out from under payday loan debt!
The Silent Option
We call this option the silent option because you will not hear any payday loan lender mention this to you because it takes all their profit ability away.
You do not need to sell anything, pawn anything, take out any more loans, borrow money from anybody or any place, or do anything else to satisfy your payday loan debt except work with a good payday loan consolidation company.
We want to make sure everyone in payday loan debt knows they have this as an out!.
You can get your interest owed reduced, all the collections stopped in their tracks and have a nice affordable payment schedule that will not incur interest
You can get your outstanding interest reduced, all the collections stopped in their tracks and have a nice affordable payment schedule that will not incur interest in as little as a day!
You can get your outstanding interest reduced, all the collection activity stopped in their tracks and have a nice affordable payment schedule that will not incur interest set up and be breathing a sigh of relief in no time.
Check out our payday loan repayment plan for more information on this option and you will be surprised how easy it is to “Have the dogs called off” so to speak!
We have covered how you can find relief from payday loan debt without giving in to their collection practices, and we covered how to report these companies when they do use illegal tactics to collect money from you.
I hope this information helps you in getting rid of your payday loan debt and in the future stay clear of these nasty things, they are simply not worth the risk!
If you must take out one of these loans, please see our article on How To Use Payday Loans for the safest way to go about taking one out and paying it back properly.
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