I received a call at 4:50pm stating that it was an investigator trying to recover a debt of a payday loan of $575 and if I didn't come up with the money by the morning he would send a check fraud investigation to the police. He wouldn't verify any information. What are my options?
2007-02-01 12:07:19 · 7 answers · asked by reckupjd 1 in Business & Finance ➔ Credit
DO NOT PAY!!! If you never had a payday loan you have absolutely nothing to worry about. Let him call the police in so you can get him off your case.
If you had a loan that you paid off, contact the company you got it from to see if they did in fact send it to collections. Have proof of your payment ready that you can fax or take to them.
If you had a loan that you did not pay off, contact the company to find out if they sold it to a collector. They should be able to tell you who to contact to make payment. Then let them know of the unprofessional investigator. Even if you don't plan on paying the loan back, this collector needs to be reported. What he told you is nothing short of an illegal threat.
2007-02-01 12:23:22 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
I agree, do not pay. If you did take out a payday loan and didn't pay it, the company could send it to a collection agency. But, they couldn't just send it to the police. It would have to go to a prosecutor first, to see if there was evidence to substantiate their claim. The prosecutor would then contact you for your version. If you had proof that you paid the loan, take copies of that proof to the prosecutor, or send it by certified mail with signature required and proof of delivery. Always keep copies of everything, all phone calls, all letters sent, every single thing. If you never took out a payday loan, contact your state's attorney general regarding the phone call. If he ever calls you back, get a phone number or address, and/or the name of the company he represents, but do not give him any personal information. If you can record the conversation, do. Collection agencies are known to be rude and brutal, but, they also have laws they must obey. Years ago, there was a finance company doing business in Missouri. One over eager collector actually went after the client, who happened to be a patient in ICU in a hospital. The patient's doctor went in to check on his patient and overheard what was going on. The finance company is no longer in existence. If you do owe the bill, contact the manager of the collection agency and report the collector. Tell them exactly what happened, and that you are willing to make payments. Set up a payment arrangement. If you cannot afford to pay it back now, ask for an extension on a hardship. If the manager refuses, tell him/her you will contact the attorney general for your state and see what your legal options are. A collection agency gets a percentage of what they collect, so some people can be very aggressive to get ahead, or to get the bonus.
2007-02-01 20:43:05 · answer #2 · answered by lucy7 3 · 0⤊ 0⤋
If you did get a payday loan and didn't pay it...you better read the terms of your lease. You wrote a post dated check and it bounced...in may states $575 is a felony amount. Ever wonder why these payday companies do it like that?
If you never did business with this company, call the police right now!
2007-02-02 08:06:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Record your conversations. State this at the beginning of the conversation in a clear, calm voice. ("Just so this is clear, I need to let you know this conversation is being recorded.") Then just let him go on and on and on about whatever he wants. Hang up and contact your local police/DA/attorney. The debt collector will be paying you in no time.
True story: I was receiving phone calls about an unpaid student loan. The only problem was I had always paid my student loans. The debt collector wanted me to stop paying Sallie Mae and pay him instead. The debt collector stated this on the recording. I have a written apology from the debt collector. It was amazing how his tune changed when his state contacted him after hearing the recording. He called me practically crying about having a wife and baby and how I was ruining him because he couldn't earn a living anymore, since it was my fault the state would not allow him to be a debt collector anymore. I told him if he called me again, I would see to it he was arrested for harrassment. That was the last I heard from him.
Record these conversations and play them for the proper authorities and the phone calls will stop.
2007-02-01 23:04:50 · answer #4 · answered by CJKatl 4 · 0⤊ 0⤋
If it is a store front then set up a payment plan that you can afford. They all ways threaten people because the don't go to the classes to learn what they can and cant say like the banking industry does. For them to say that is a threat and now it becomes illegal. Call your Attorney Generals office in your state and ask to talk to a regulator. Ask the regulator if they are even licensed to work in your state. If not(most on-line payday loans are illegal by not being licensed and the regulator es are trying to catch these guys) licensed in your state then close your bank account and talk to your bank MANAGER to let him/her know what is going on. You do not have to pay the loan back if they do not have a license. Store fronts should work a payment plan out with you. If they don't call your Attorney General and let them know what is going on. They will talk to the company for you. Good luck
2007-02-02 09:49:23 · answer #5 · answered by aaron m 1 · 0⤊ 0⤋
It's a scare tactic. Don't fall for it. They are not going to go through the trouble of putting you in jail. Check fraud is hard to prove unless the bank the checks were written on puts in the claim.
2007-02-01 20:41:17 · answer #6 · answered by lady01love 4 · 0⤊ 0⤋
Here's a sure way to find out if this guy is for real. Ask him to meet you at the local police station, where you can discuss the matter further, and, if you have a lawyer, bring him/her with you.
2007-02-01 20:15:08 · answer #7 · answered by Eat At The Y 4 · 2⤊ 0⤋