HELP - Payday Loan Gone into Collection
Date: Fri, 05/21/2010 - 08:58
If the loan from the original creditor was illegal, then the loa
If the loan from the original creditor was illegal, then the loan is still illegal even if the right to collect it has changed hands. Therefore, you are only obligated to pay the principal.
Have you ever received a letter of collection from Jet, thru the
Have you ever received a letter of collection from Jet, thru the mail? They are required by federal law (FDCPA) to send you a letter of collection via the mail, at which time you could dispute the debt and request that they send you debt validation, during the debt validation process all collection efforts MUST cease. You should NEVER admit to owing a debt over the telephone, and NEVER make payments to a collection agency until they send you PROOF that they either own the debt or are collecting on behalf of the original creditor, and that it IS a valid debt. A collection agency can't add interest and fees to a debt unless there was an expressed agreement signed by the debtor and CA, or it was in the original agreement. Please do not send them ANY more money until they send you a letter of collection and they validate this debt. What it boils down to is; it is NOT a valid debt if the original payday lender was NOT licensed as required by your state law.
Quote:Originally Posted by ShazzersHave you ever received a lett
Quote:
Originally Posted by Shazzers Have you ever received a letter of collection from Jet, thru the mail? They are required by federal law (FDCPA) to send you a letter of collection via the mail, at which time you could dispute the debt and request that they send you debt validation, during the debt validation process all collection efforts MUST cease. You should NEVER admit to owing a debt over the telephone, and NEVER make payments to a collection agency until they send you PROOF that they either own the debt or are collecting on behalf of the original creditor, and that it IS a valid debt. A collection agency can't add interest and fees to a debt unless there was an expressed agreement signed by the debtor and CA, or it was in the original agreement. Please do not send them ANY more money until they send you a letter of collection and they validate this debt. What it boils down to is; it is NOT a valid debt if the original payday lender was NOT licensed as required by your state law. |
Thanks for the info. The collection company has sent me a letter via email and it says that Jet Lending said that I owed them the amount, which is all the intrest from the unpaid debt. I never received a letter in the mail from Jet. So, is it okay to send what the principal balance is ($210) to the collection company or should I try to find an address for Jet and send it to them?
i would wait until the collector validates this debt.
i would wait until the collector validates this debt.
Do not send them a penny until they've validated your debt.
Do not send them a penny until they've validated your debt.