While instant payday loans have made life easier in times when emergency cash is needed, they have also brought with them the harassment that some borrowers face because of a payday loan collection agency. It is a well known fact the lenders of payday loans are not accommodating and tend to turn a deaf ear if the borrowers fail to repay the loan on the fixed date. It is done by lenders with the help of agencies, which aim to get the loan money back through different ways, if the borrowers fail to pay back on time.
Dealing with a payday loan collection agency is not known to be a very pleasant experience and can be very stressful. In case you have decided to take a payday loan, make sure that you are capable of paying it back on the designated day. Cash loans are given on the condition that you would pay the amount back on the day you get your salary. Therefore, most lenders would ask for a post dated check. If everything goes well, it is alright, but in case the check bounces and you fail to repay, collection agencies come into picture.
Some Things You Can Do
• Record each and every conversation you have with the collection agency when you are contacted regarding the loan. If you ever feel that the tone and/or language are transcending the boundaries of decency, you can take the matter to a designated legal body.
• When you feel that you are being harassed unnecessarily, you can politely inform the representative that the conversation seems to be leaving the realms of decency and you demand to be treated more respectfully.
• Keep a note of the name and address of the payday loan collection agency which is contacting you and ask for a written validation of the loan. You are entitled to possess this information under the FDCPA and the agency is definitely violating the law if it denies you this information. Legally, an agency is not allowed to make collection on a loan for which it does not possess proper validation.
• In case you do not want the agency to contact you at all, send a certified letter demanding that all communication with you in regards to the debt should be stopped by the company immediately. You can do this in case you are being contacted unnecessarily. If the agency refuses to abide by what is written in the letter, this is a definite violation of the law.
• Contact the original lender and request that the collection agency should stop contacting you. Let them know you will pay the loan back when the funds are available and do not want any third party involvements.
Representatives from a payday loan collection agency will contact you and ask you to pay the money back. While this is usually acceptable, there is a thin line between requesting someone to pay the money back and harassing him or her. When things take a turn for the worse and you feel that you are being pursued unnecessarily, it’s time for you to study payday loan laws and arm yourself to fight back.
