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Why not stop being afraid of debt collectors and safe payday or installment loans.

Why not stop being afraid of debt collectors and safe payday or installment loans.

What if you’ve defaulted on your loan?

Payday loans are usually given in the amount of $100-$1000 and must be repaid in a short-term with the next paycheck. Installment loans in the amount $1000-$15000 are paid off in scheduled payments within a longer period of time. But as they are rather expensive with high interest rates, sometimes borrowers fail to pay on time and so they default their loans.

The situation can develop in several ways:

1. If you are a resident of a state where short-term loans are illegal, you are lucky as the lender isn’t allowed to charge any interest higher than APR, he’ll get only the principal loan amount.
2. In other states borrowers can take a roll-over and pay off the debt in installments.
3. In case even this period ends and you still owe money you can apply for an extended payment plan (but this can be done only once a year).
4. Providing you’ve tried everything enumerated above but are still in debt, the lender will start a debt collection process.

Debt collectors, third-party collectors, internet “bazaars” and online debt markets.

A debt collection service can be carried out by lenders or special agencies. If a lender is unable to get money, he can apply to the debt collection agency which will do it and take some percentage of the money for this service, usually 25%-45% of the amount collected. The debt can be sold to online debt markets “bazaars” or to third-party collectors. They buy not very old debts that other collectors haven’t worked on yet and pay on average 4 cents for every $1 of debt face value.

Debt collection process involves: 

  •  letters
  •  phone calls
  • reports to work, bank or a credit bureau which can badly damage the borrower’s credit history
  • going to court
  • garnishing wages and bank accounts
  • placing a lien on your property

Debt collection regulation. Fair Debt Collection Practices Act.

Consumer Financial Protection Bureau, the Federal Trade Commission (FTC), Fair Debt Collection Practices Act (FDCPA)  regulate the activity of debt collectors. The main rules state:  
 

Debt collectors must:

Debt collectors are not allowed:

  • Identify themselves and notify the consumer
  • Give the name and address of the original creditor
  • Notify the consumer of their right to dispute the debt 
  • Provide verification of the debt
  • File a lawsuit in a proper venue
  • to pretend to work for the Government
  • to threaten borrowers with arrest or criminal charges
  • to make your debt, or any other personal information public
  • rely on incorrect information and try to collect the money you don’t owe
  • call you repeatedly
  • call you before 8:00 a.m. or after 9:00 p.m.
  • to use profanity    

The New York Times says: “the bureau is weighing a proposal to set more detailed rules for third-party collectors, like placing specific limits on the number of calls collectors can make weekly, and requiring them to verify the accuracy of debts before calling borrowers” [https://www.nytimes.com/2017/01/13/your-money/how-to-keep-debt-collector....

What should you do if your default loan gets sent to a debt collector?

In case you’ve done all you can but still have faced the problem of debt collection, you should know your rights not to become a victim of a fraud. Here are the steps you are to take:

1. First of all you don’t have to answer their calls. Communicate in writing to have a proof of your talks.

2. Inform the lender in writing that you don’t want to be bothered by calls or letters
3. Find out that the collector works legally, that you really owe this debt, and that the debt amount is accurate
4. Redirect the collector’s complaints to your attorney.
5. If nothing else works complain to the consumer bureau, the F.T.C. or the state attorney general’s office.
You can be sure that your rights are protected by law. But you must be thoughtful and careful taking a loan. Choose only reliable lenders. That’s where instant-cash-advance.us can definitely help you.
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Applying doesn’t affect your credit score!

By submitting your information you claim you have read and understood and agree to Privacy Policy, Terms of Use, Responsible Lending and Marketing Practices