In TX with default storefront loan that's not cooperative
Date: Wed, 10/01/2008 - 18:17
We have a defaulted Ace loan. We tried making payment arrangements and the only payment he'd accept was the full amount or to payback and reborrow. Obviously we don't have $1200 and def. want out of this vicious cycle, so told him it wasn't possible. I've read around here that sending them payments via snailmail w/a money order and return receipt will apply payments to our loan. My question is, what steps do we take to stop phone calls? A C&D letter? Thankfully, in TX, wage garnishment isn't possible. He's calling my fiance's employer, everyone from the HR director to just random folks, saying J (fiance) owes money and that he's coming to arrest him if he doesn't pay. I know this is against the law, and one of his bosses returned the a-holes call and demanded to speak to his supervisor. Of course the a-hole said she wasn't available (and all of a sudden started stuttering). I doubt he'll call back but I'm sure references are next inline.
I searched around the site looking for my answer but didn't find one. If it's been talked about before, if someone can link me to that thread, it'd be much appreciated.
Thanks!
A & J
I searched around the site looking for my answer but didn't find one. If it's been talked about before, if someone can link me to that thread, it'd be much appreciated.
Thanks!
A & J
This information says it all Quote:If you default on your pay
This information says it all
Quote:
If you default on your payday loans, the lender can take the same action as any other unsecured creditor to enforce a defaulted debt. Generally, their collection efforts will start with telephone calls and dunning letters demanding that you pay the balance of the loan. If the payday loan company refers your accounts to a collection agency, you can usually stop the telephone calls by sending a cease communication demand letter, commonly called a cease and desist notice, to the collection agency. A federal law called the Fair Debt Collections Practices Act (fdcpa) states that third party collectors must stop calling you if you notify them in writing to do so. Several states, such as California and Texas, extend many of the regulations in the FDCPA to cover original creditors as well. |
