what can I do about harrassing phone calls from collectors

Submitted by paul.green on Fri, 11/07/2008 - 21:23
Forums

I have several PDL's that collectively I am having difficulty paying

Those payday lenders are really hard to deal with. Is there anyway that you could borrow money from your family to get them paid. I know you probaly would have used this option if you could before resorting to payday lenders but thought I would ask. Are any of these lenders willing to work with you at all? Finally in what state are your loans?

Sat, 11/08/2008 - 01:06 Permalink

Hi paul.green
I think that you should immediately pay off the payday loans in full by any means since the interest rates on such types of loans are very high and it may lead to debt trap. For this you can opt for debt consolidation loans which comes with moderate interest rates. The debt consolidation loan will help you to consolidate all such PDLs accounts into a single loan account where you will be paying moderate interest rates.

Sat, 11/08/2008 - 09:01 Permalink

Hi Paul
Can you tell us your credit score? This is because if you have a bad credit score it would be difficult for you to get a debt consolidation loan. In such a case you can try other methods like taking advance from your employer or borrow from your friends or relatives to pay it off. But you should try and pay it off as soon as possible because the addition of interest on these loans may increase the outstanding debt amount multiple times.

Sat, 11/08/2008 - 09:05 Permalink

Paul,

What state are you from? Who are the lenders? Are they storefront or internet loans? How much did you borrow and how much have you paid back so far?

Please answer these questions and I will see if I can help you.

Sat, 11/08/2008 - 16:18 Permalink

Sometimes I believe people are wary of giving all the details but they are so necessary when trying to help since laws vary from state to state.

Sun, 11/09/2008 - 13:10 Permalink

I think that they don't know the information that is needed to help them, when he comes back hopefully he will have more details so that we can help him.

Sun, 11/09/2008 - 14:48 Permalink

Hopefully he will. I hate when they go away before we have enough time to help them.

Sun, 11/09/2008 - 23:17 Permalink

Are you going to watch that special tommorrow at 5:00. WPXI? I heard you are from PA. I thought it may have some useful info to help contribute to this forim. It is on credit cards and debt collectors.

Mon, 11/10/2008 - 23:25 Permalink

I am not at home by then, you can watch it and then come on here and update all of us what is going on fireyone.
I trust that you will do a good summary.

Mon, 11/10/2008 - 23:30 Permalink

You got it. I am hoping now that the economy is what it is and the credit card debt is being defaulted on more it will be real call to action for the goverment to step in and add a little more to the playing feild of the consumer who has the debt. It would also be noce to see them do something more about collectors and interest the charge to defaulted debts.

Mon, 11/10/2008 - 23:36 Permalink

Oh, they really need to get a handle on these collectors and put some regulation on the ridiculous fees that they add on.
especially when the original creditor has already charged it off, gotten the tax break, I don't think these collectors that buy it for pennies on a dollar should be able to collect triple the amount of the original debt.

Is this what it is on or is it on consumer debt and how they deal with it?

Tue, 11/11/2008 - 03:00 Permalink

Over all..everything especially collectors. I am dvr (ing) it now. Had a long day and just got home a bit ago. I like to fast forward through commercials anyway. I will watch it tonight and update tomorrow.

Tue, 11/11/2008 - 23:39 Permalink

Mel. Although I am not an expert I do not believe you can go to jail for payday loans. They are no different than a bank loan or credit card and they can not jail you. I would imagine child support is the only thing that could jail you money wise.
They also are not allowed to hassle you and make threats like this. You need to promptly report them to the FTC and atty general. Believe me they will a make them stop the threatening phone calls. If after they recieve notification not to make those threats and they do it will get them a fine. Please if they are threatening you call the FTC and Atty generals office.

Tue, 08/11/2009 - 23:38 Permalink
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