Fake debt collectors are scavengers who are looking for people who are easily gullible and easily terrified from which they extract money for debts they don’t own. The number of these people have increased tenfold after the boom of online payday loans.
The lack of protection these online loan sites place on private information is the main reason for the increase in the number of these collectors. A several other factors of online payday loans are also included, but this article will not be about them, but about fighting those collectors and winning against them.
The most stressful thing about these collectors is the number of calls they will make in order to force you to talk to them. Once you start talking you have been caught in the first web. They will lay down all your personal info and tell you about debts you are owning and that they will not press you to pay them in full, only several hundreds of dollars would be enough.
I found few interesting ways to win against them and make those calls stop and if you are interested in them then read on:
Silent treatment is one of their ways to get those calls to stop. You are not the only person they will call today. You are one in thousands. So, if you hang on each and every call they make they will see that there is no profit that they can extract from you. And they will stop wasting both yours and their own time.
Easy, but boring way to get rid of fake debt collectors is hiring an attorney for a day or two and giving his number and his name to the debt collectors. That ends all future calls.
You can change your number, which I would advise against. You should not change anything because some scammer decided to call you. There are better and more interesting ways to make them stop calling.
If you have some time to answer those calls then have fun answering them. Just speak about something that would irritate them. For example you can start having cyber-sex with them, for fun only. Ask them what are they wearing, where they are, do they want to have fun over the phone and so on. Or just play some loud music, it doesn’t matter what type of music it is, the point is ti irritate them. These are just few examples of having fun with fake debt collectors, it is up to you and your imagination when it comes to that.
You can follow the story they have devised, but go a step further and take the role of the harasser. But first check whether they are real or not. If they are fake then attack them and say that you have talked with their superior (find on the internet some important person from the organizations the fake collector said he represents) and they have agreed to listen on the calls and that the police have tracked his location and that they are on the way.
World of payday loans is not a garden of Eden in any form. A lot of money exchanges hands in this business and where there is cash flow there will be people who will step out of the legal practice and pursue greater profit through illegal practices. This is not the case of all payday lenders, but there is alarming number of those that fit this description.
Those illegal practices involve threats, pursue of wrong repayment amount, misleading info and so on. The effect of those practices can be rather different, in some cases it leads to poor outcome to customers, and in other cases it can cause great loss and even physical damages.
Threats made to borrowers involve text messages and similar long range threats, and direct face-to-face threats. Both of those are clearly against the law, but greed makes people capable of anything. In some extreme cases ( and don’t mislead yourself with believing that they don’t exist, they do and not in small number ) borrowers will get beaten in order to convey the message about what will happen if he lingers longer with his loan repayment.
Once you have fallen in the clutches of some payday lenders they will use the advantage and they attempt to use you. If you fall behind on payment or sometimes in middle of repayment period they will ask for larger repayment amount than it is originally. They might go and give you several reasons for that increase, but in reality they are trying to abuse your place as borrower. It goes without saying that this is against the law, and you should never comply with these terms.
Some more aggressive lenders will use threats and power to make you repay more than it is agreed. In that case you should try to cut all ties with them and if it isn’t possible go to police or take matters in your own hands and teach them how big a mistake it was to threaten you.
Some payday lenders will give you false info about extension of repayment period or what happens if you don’t repay your debt in time. Some will increase interest rate after such things, but they will not explain that to you at the creation of loan contract. Then others might seek reparations in the form of collateral damages which will involve sequestration of your property. You should ask about all specific info when you go to take that loan, and once you gather that info don’t accept any other conditions they reveal later.
Consequences of illegal activities done by payday lenders are wide in there effect and they range from small inconvenience to greater financial losses and in some cases physical injuries. My general advice would be not to take payday loans, but I do realize that sometimes they must be taken to fill the gaps in budget. If you have to take such loan, make sure to ask about everything and create such a deal in which you will not be cheated later.
If you are one of those people without a decent credit score and want a loan, then you can consider going with one of the high risk loans that are available in the market. These loans can help you get instant cash, especially at times when you require immediate financial assistance. The best part is that these high risk loans specialize in people with bad credit, which means that you do not have to worry about your credit report. Some of the lenders might not even look at your credit history.
These types of loans are also known as payday or cash advance loans. They fall into the category of signature loans and personal loans and do not require any credit check. Additionally, they give you instant access to the money that you require. However, the maximum limit of the money that you can borrow is not as great as traditional loans. All you have to do is apply online and send in the required documents to get it approved.
With an ugly credit, another type of loan that you can look into is high risk unsecured loan. Such loans do not need collateral, which means that they will be a little difficult to acquire. While reserved for people with good credit, lenders are also open to working with people having bad credit. The approval may take about a week but you will be able to receive more money through this option.
Peer 2 Peer Loans is another loan option that you can acquire online and is great for people having bad credit. This loan type will connect you to individual investors who will be able to help you acquire instant cash. In most of the cases, you will be able to acquire the loan in a week and the individual investors will not even be analyzing a person’s credit history too closely.
If you are having difficulty in getting a loan approved or do not have collateral with which to secure a loan with, then you can go with a cosigner option. This will require you to find someone having a good credit history and who would be willing to cosign a loan agreement with you. By cosigning, the individual will agree to share the risk of the loan with you.
If you are unable to find a cosigner and have exhausted all other options of obtaining a loan, then you can look into pawnshop loans. These are easy to get. However, you would require collateral for them. A great thing about this is that the collateral does not have to be a vehicle or a property. Any electronic item or jewelry can also be accepted as long as it is of a certain value.
People having bad credit may find it extremely hard at times to obtain a loan. However, they should not give up. Instead, they need to keep their eyes open for all the options that are available to them.