when turned over to collection agency??
Date: Sat, 11/21/2009 - 10:48
I have taken the step of sending cease and desist letters to 5 of my payday loan companies. It is strange but none of them will even call, email me, anything. When I contact them about paying---they act scared to talk to me. I was very direct in my letter to these companies. Since I was actually a victim of identity theft by one of these companies, my bank, the FTC, the Attorney General here in TX, and the BBB are involved and investigating.
According to what I have learned----out of the 9 pd loans I have---8 are illegal. Could you verify this for me?
Zip 19
Magnum Cash AD.
Sonic Cash
EZPayday Cash
Cash Pronto Now
First Cash
Cash Central
My Cash Time
Payday Loan Yes
Cashnet USA---I know is legal in TX
When I faxed the c and d letter to Zip 19--I have not heard from E-Care since---will not call or discuss with me. I actually have emailed and called them several times so that I can set up a payment arrangement. They are not responding to my messages.
Help me---should I be afraid since most of these companies now will not respond to my messages and requests?
If a collection company gets these accounts----will it sue me?? TX does not garnish for pd loans, but does this apply to whomever buys the debt?? I really need to know these things so that I know better what to expect.
I appreciate anyone who will check the legal status and let me know what to do when these accounts go to a collection agency--it is scary.
I can give you links so you can check yourself, I am assuming yo
I can give you links so you can check yourself, I am assuming you are in Texas. Click the link below to check the licensee data base for payday lenders:
http://168.39.159.59/default.asp
Click the link below to make sure none of yours are CSO's:
https://direct.sos.state.tx.us/cso/csosearch.asp
As far as collection agencies, it would be in your best interest to understand and know the laws regarding Fair Debt Collection Practices, I would encourage you to google FDCPA and prime yourself on the laws so you will know how to handle yourself should any of these debts be turned over to a collection agency.
If you should receive a call from a collection agency about an illegal payday loan, tell them there are policies and procedures put in place that they MUST follow, which is the FDCPA. After the first initial contact from a collection agency, per federal law, they have 5 days to send you a letter of collection through the mail. I suggest that you educate yourself on your rights.
I haven't heard from 4 of my pdls and I sent letters on July 27t
I haven't heard from 4 of my pdls and I sent letters on July 27th. US Cash hounded me by e-mail every week for 3 months, then stopped two weeks ago. I was negotiating with Smith, Haynes, Watson on my Eastside Lenders account. When I asked for debt validation, by certified mail, they stopped calling.
I can only think that they know they are illegal and have no leg to stand on. Several will try to bully you into paying, but it appears that if you stand your ground and not relent, they go away.:)
