Payday loan question?

Question

I been paying off a payday loan from "The Cash Store" through a collection agency. For about 9 months now. I called last week to finally make a payment set for the end of This month and they informed me it was sent back to the company. Does anyone know what they will do with it now?

Answer 1

You were probably sent to their "in house collection" group. It probably never left the company.

This is very common. They want to keep you as a customer so you can borrow again. I would NOT expect them to continue charging interest on the loan in collections. All you can do is ask if the account is still accruing interest. I hope it's not.

In the payday loan business, a great customer is one that pays them back and a good customer is someone they can collect on. They don't hold grudges b/c they charge a premium for their services. It's actually a good business move for them. I don't think it helps you.

Answer 2

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RE Payday loan question?

I been paying off a payday loan from "The Cash Store" through a collection agency. For about 9 months now. I called last week to finally make a payment set for the end of This month and they informed me it was sent back to the company. Does anyone know what they will do with it now?

Answer 3

That's odd ... once something goes to collection I didn't think they sent it back to the originating source.

Regardless, avoid doing that again for a loan. Those places rip you off so badly. The interest is outrageous. It really should be illegal to charge what some companies charge for interest. They are taking advantage of the fact that you either had no credit or bad credit. Either way, it's a bad way to get your credit back into shape.

In the future if you need a loan, and don't have the credit to go to a bank, ask a family member to help you out. Those payday loan companies make it very difficult to pay back a loan if they charge 300% interest!

Answer 4

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Answer 5

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Answer 6

They probably didn't send it back to the "original" company you had a debt with but sold the debt to another company who will try to get you to pay them. It's common for collections agencies to resell debt for low amounts and raise the rates to the customer for a profit because collections accounts are rarely paid on. I would say review your credit report and if you can afford to pay it off with either a low rate credit card or a personal loan. That way you know what you are paying and you can be through with those rip off day pay people.

Answer 7

Who knows? These companies are so shaddy.
You will just have to call them and find out what is going on. Is the account paid off? I would hope you have some documentaion for the payments you made.
If there is some game being played, write to the company and state's attorney general with a complaint. Keep it simple..... You borrowed X and have paid back 15 times X, and they still want more money and have provided no documention.

Answer 8

Probably return your account to an interest bearing account, and screw you for another few months!

It's the american way, and you can thank the politicians who set the standard for a money hog interest machine that we call the Federal Reserve.