If you have failed to pay back the loan you took from a payday loan lender, you are probably receiving payday loan harassment calls every single day. While it is true that lenders offering instant cash loan can provide a very useful and highly beneficial service, they are not very accommodating when borrowers fail to repay the loan on the exact designated date. This is when collections agencies come into the picture and the harassment starts.
Payday loans are to be paid back on the very day you get your next salary. Therefore, many lenders ask for a post dated check. In case the check bounces and you are not able to pay the loan back, lenders will often turn a deaf ear to your pleas and the matter would go to a collection company. This is when debt collection harassment begins.
It is important to remember that as a borrower you are protected by certain laws that have been designed to make sure that debtors do not end up facing payday loan harassment. If you ever find yourself being pursued and hounded by collection agency representatives who threaten you continuously, research these laws so that you know that even though you owe money to someone, you are protected and do not have to be a victim of debt collectors harassment.
Stopping Harassment Inflicted By Agencies
There are some practical ways in which you can try and stop the payday loan harassment that you might be facing.
• Try asking the lender for an extension on your loan terms. While short-term payday loans require you to pay back within a mere two weeks, long-term ones give you a little more time. Request for some more time and assure that you have a regular source of income and you will pay the loan back at the earliest point possible.
• Borrow the money from a friend or relative so that you can pay back the loan. If you cannot pay all of it immediately, try paying small amounts. You must remember that instant cash loans carry a very high interest rate and the more you delay repayment, the heavier the loan will get.
• As per the Fair Debt Collection Practice Act, you can always send in a letter to the agency that demands the representatives should immediately stop calling you and not harass you over the phone anymore. Debtors are often contacted by collection agencies several times a day. Once they receive the letter, they are obliged under the law to stop all calls.
• Make sure you record all the conversations with the representatives whenever you get a call. If there are any threats and/or disrespectful words or phrases, you can always countersue for harassment if you are taken to court. Do not delete any nasty voicemail.
• Keep making small payments as many times and as frequently as possible.
You can and should fight payday loan harassment. Just because you have been a little delayed in repaying the money there is no reason for anyone to threaten you. Get a legal expert’s help if required.
