Money and More Debt Collector
Date: Wed, 06/09/2010 - 09:57
Submitted by ballplayersmom
on
Wed, 06/09/2010 - 09:57
Total Replies: 7
HELP
The next time they call, tell them they have 5 days after their
The next time they call, tell them they have 5 days after their first initial contact with you to send a letter of collection in the mail, that is a federal law (FDCPA). IF and when they send that letter, you will then have 30 days to dispute it and ask that they validate the debt. Until then, I would not speak to them on the phone anymore, you have rights and they MUST comply with the FDCPA.
Debt collections companies can NOT add interest or fees, under Section 808 Unfair Practices of the Fair Debt Collection Practices Act under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.
If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is.
Followup
Ok they just called me again and left a message. Is this common to have a PDL deposit but they never debit? I have no memory of ever applying for this loan but apparently I did because it was in my account. The woman was very nice and wanted to settle the account. Should I call her back and leave her a message for a collection letter to be sent in the mail. This agency is based out of Florida, and they are representing Money and More, do you know if Money and More is legal in NJ? Thanks you are so much help!
Quote:
Originally Posted by Shazzers The next time they call, tell them they have 5 days after their first initial contact with you to send a letter of collection in the mail, that is a federal law (FDCPA). IF and when they send that letter, you will then have 30 days to dispute it and ask that they validate the debt. Until then, I would not speak to them on the phone anymore, you have rights and they MUST comply with the FDCPA. Debt collections companies can NOT add interest or fees, under Section 808 Unfair Practices of the Fair Debt Collection Practices Act under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law. If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is. |
Quote:Originally Posted by ballplayersmomOk they just called me
Quote:
Originally Posted by ballplayersmom Ok they just called me again and left a message. Is this common to have a PDL deposit but they never debit? I have no memory of ever applying for this loan but apparently I did because it was in my account. The woman was very nice and wanted to settle the account. Should I call her back and leave her a message for a collection letter to be sent in the mail. This agency is based out of Florida, and they are representing Money and More, do you know if Money and More is legal in NJ? Thanks you are so much help! |
NO, they are NOT legal in N.J., NO payday lenders are legal in your state, they are prohibited. I would NOT contact them, the next time they call, tell them what I said above. You should NEVER admit to owing a debt over the phone, it could be ANYone calling you, it could be me, see what I mean. You should always have the proper documentation. Follow through with your rights, if you allow them to convince you that you owe a debt over the phone, you are setting yourself up.
Followup
Ok, I will not call her back and wait for her to call me again. I told her I didnt have a payday loan with this company and she told me to check my bank records and get back to her. Can they automatically beings they are a debit collector debit my checking account?
Quote:
Originally Posted by Shazzers NO, they are NOT legal in N.J., NO payday lenders are legal in your state, they are prohibited. I would NOT contact them, the next time they call, tell them what I said above. You should NEVER admit to owing a debt over the phone, it could be ANYone calling you, it could be me, see what I mean. You should always have the proper documentation. Follow through with your rights, if you allow them to convince you that you owe a debt over the phone, you are setting yourself up. |
Quote:Originally Posted by ballplayersmomOk, I will not call her
Quote:
Originally Posted by ballplayersmom Ok, I will not call her back and wait for her to call me again. I told her I didnt have a payday loan with this company and she told me to check my bank records and get back to her. Can they automatically beings they are a debit collector debit my checking account? |
HECK NO! You closed your account anyway, right?
I had to refer back to your original post: http://www.debtconsol
I had to refer back to your original post:
http://www.debtconsolidationcare.com/forums/showthread.php?p=707856#post707856
You REALLY need to close that account, it will never be safe again. All of your personal account information is in the hands of criminals, please read my suggestions and close that account.
Follow up
Well to be honest no I havent closed my account. I have unemployment direct deposits to be hitting my account tommorrow and saturday along with a ton of checks written out so closing it right now isnt possible. I hadnt notified any of the lenders yet so I wasnt concerned about any of them coming after me. But now this debt collector has called and I am concerned they will try to debit my account before I get a chance. She just called me again and I answered. She told me that a collection letter was sent out yesterday. So once I get that letter you are saying to send them a letter back asking for a debt validation? She told me the total due is 652.50 on a 250.00 loan.
Quote:
Originally Posted by Shazzers HECK NO! You closed your account anyway, right? |