Learn How to Stop Payday Loan Harassment!
Worried about payday loan companies and debt collectors harassing you, or scammers trying to scam you through harassment? Learn how you can stop payday loan harassment through this article.
Know Your Rights
When it comes to your rights and the communication from the payday loan company that is appropriate, you should be aware of what’s okay and what’s not. First, the loan company any other associated debt collectors have certain restrictions on how they can contact you under the Fair Debt Collection Practices Act.
As such, they cannot call you repeatedly or harass you over the phone. They cannot randomly inflate your debt or give you threats that they intend to; you are only bound to the interest you agreed to give. The calls have to be after 8 AM and before 9 PM, and cannot be made to your workplace if you have made that clear. Furthermore, they cannot threaten to put you in jail.
Send a Cease-Communication Letter
If the phone calls violate any of the above rules and regulations, you can stop payday loan harassment via the phone by sending the company a cease-communication letter. The letter can simply state that you want the calls to stop and for you to be contacted via letters. You can use online sample letters, available at Consumer Financial Protection Bureau, to send such a letter. If the company ignores the letter or breaks any of the other FDCPA rules, you can report it to the Federal Trade Commission, the CFPB or the local state attorney general in your area.
Avoiding Suspected Scammers
If you want to stop payday loan harassment from suspected scammers, the first thing to do is ask for written verification of your loan, as required by the FDCPA. You can also ask for the company’s phone number and manager’s name, which you can look up online to verify the information. Make sure you don’t give out any personal information since the scammers may just be fishing for information.
Don’t Get Intimidated
Payday loan companies are not allowed to threaten you so don’t get intimidated. If threatened with a lawsuit, ask for the case number and court name. If they claim to work with the law enforcement, ask for the information of the agency or department so you can confirm it. Most likely the person threatening you will back off.