PayDay Loan

[Txangel4u]

What is the name of your state? Texas
I recieved a phone call from a collections agency this am saying I owed a company $1,200.00 from a past due payday loan that I have no knowledge of what so ever**************.. When I asked the person on the other end of the line for the company's name she refused to reveal it to me and that they wanted the money within 24 hours "OR ELSE" ..... these PPL had contacted me once before about this and my answer hasn't changed.. The person also stated that it was taken out over the internet and put into our bank account over a year ago.... Don't get me wrong but isn't that cosidered Stealing personal information of someones bank account which has been closed for well over 2 years and tthere was no $1,200.00 dollars put in that account to begin with.... Now my next question is what are my rights and is there any way I can block the calls ??????
thank you for your assistance

[Some Random Guy]

Keep all records of all of your bank accounts for about 10 years.

Next time they call, ask them where you should mail them a check. Send a certified return receipt letter to that address disputing the debt and telling them to cease and desist collection activities (search this site for links to examples).

If that fails, either hang up on them or get a tape recorder and tell them you are recording the conversion.

[maxpi]

It seems like all the scam artists are working out of Florida and Texas. The laws must favor them somehow. find out if they have a judgement against you. If so their names and locations might be public record. Tell them it is public record and if they bull**** you one more time you are coming over and it won't be pretty and you are not leaving until EVERYBODY has reached an understanding. If you can get the playing field a little more level they will talk nicer to you.

Originally Posted by Txangel4u

What is the name of your state? Texas
I recieved a phone call from a collections agency this am saying I owed a company $1,200.00 from a past due payday loan that I have no knowledge of what so ever**************.. When I asked the person on the other end of the line for the company's name she refused to reveal it to me and that they wanted the money within 24 hours "OR ELSE" ..... these PPL had contacted me once before about this and my answer hasn't changed.. The person also stated that it was taken out over the internet and put into our bank account over a year ago.... Don't get me wrong but isn't that cosidered Stealing personal information of someones bank account which has been closed for well over 2 years and tthere was no $1,200.00 dollars put in that account to begin with.... Now my next question is what are my rights and is there any way I can block the calls ??????
thank you for your assistance

[Ladynred]

Ok, how about some REAL answers/suggestions.

If this payday loan is truly NOT yours, then you need to make them PROVE that. If they are a 3rd party collection agency, then denying your request for their company name and information is a violation of the Fair Debt Collection Practices Act (FDCPA) - mention that to them if they call you again. They ARE bound by the law and I suggest you read it. You can find it on [url]www.ftc.gov[/url] under the Consumers section.

You should also check the TX consumer protection laws. If I remember correctly, TX has a stricter version of the FDCPA that has a few more teeth to it.

You need to also check to see if you have been the victim of identity theft or perhaps you had checks stolen. I suggest you pull your credit reports and make SURE that nothing else fishy is going on there too.

Get the mailing address, if you can, and then go to [url]www.creditinfocenter.com[/url] and read up on debt validation. Then send a validation letter (samples on the site) and go from there.

[GregG]

Since it is a new year.. I think you can now get another free yearly credit report. Might want to check your credit report to see if the collection is on the credit report..

[Chien]

Far be it from me to deny assistance to anyone, but didn't we go through this a couple of weeks ago?
[URL]http://forum.freeadvice.com/showthread.php?t=296544[/URL]

And weren't you told that payday lenders had to be licensed in Texas? And what authority did the licensing? And that there was a free help number that you could call about problems and that had to be provided to you at anytime there was such a loan?

A CA was involved then as now. Did you do any checking on your own? Before we get any deeper into this, what did the people in your own state, the people who supposedly are there to prevent payday loan absuses (and this sounds like another one) have to say about what's transpiring close to home?

[Chien]

I'd like you to understand that I'm not asking these questions to be critical (but I reserve rights until you respond). It's just that payday loans are a volatile subject these days, and there seemed to be a lot of payday loan questions at the time of your last post.

I remember thinking that it might be useful to compile and post a list of states that were making an effort to legislate and control such "loans", how it was being done and by what authorities (the same kind of information that was given to you).

But it would require some effort and, if you used the tools available to you and got nowhere, it may not be worth the effort. So I'd like to know what happened.

[Ladynred]

Yes, a list of the states and the legislation - if it exists - to control and/or ban these loansharks would be helpful. A new law in IL recently went into effect that puts a pretty stout leash on payday loan places there. NY has banned them completely - I only wish every single state would do the same. Payday loan places contribute absolutely NOTHING to society - its legalized loansharking at best and SOME of them do have .. ahem.. *shady* backing.

[Chien]

Originally Posted by Ladynred
Yes, a list of the states and the legislation - if it exists - to control and/or ban these loansharks would be helpful. A new law in IL recently went into effect that puts a pretty stout leash on payday loan places there. NY has banned them completely - I only wish every single state would do the same. Payday loan places contribute absolutely NOTHING to society - its legalized loansharking at best and SOME of them do have .. ahem.. *shady* backing.

Madame - you have but to ask.
Seriously, this is a "hot topic", with more voices, including politically astute politicians, supporting the opinions of LNR each day. That's trickling down into legislation at a growing pace, and data needs to be kept current. But, for the moment, in 2000, AARP proposed model legislation to help regulate the "loans". The following link is to the full text of the Act and, in its Appendix, it includes then-existing state by state legislation and state to state comparisons.
[URL]http://assets.aarp.org/rgcenter/consume/d16954_payday.pdf[/URL]

As noted, things are still changing rapidly. Illinois payday lenders are getting around the 2004 law by simply changing the terms of a new loan vehicle. Georgia may have enacted one of the toughest new laws by doing much to criminalize aspects of the practice and add civil penalties.
[URL]http://www.responsiblelending.org/payday/pl_leg2004.cfm[/URL]

More states are banning them entirely or going after enforcement using usury statutes. The Military has become every proactive in warning/discouraging individual members and has been behind getting laws passed to ensure that lenders can't be located within X miles of bases. And the list goes on. I'll try to note significant developments as I become aware, but the above link may be a useful, if slightly dated, starting point.

[adam2dot0]

I live in Ohio, and in my city, I'd say, conseravtively, there are roughly 12 Payday Loan sharks per sqare mile.

[Chien]

Originally Posted by adam2dot0
I live in Ohio, and in my city, I'd say, conseravtively, there are roughly 12 Payday Loan sharks per sqare mile.

I happen to agree with LNR.

If you don't, don't bitch. If you do, voice your opinions at the ballot box, and let your representatives know that you intend to. Write letters to your senators and congressmen. Other states have viewed them with more than disdain and have found good cause to ban them so, in my opinion, if they're still in your backyard, you get what you permit.

This is an excellent site to keep abreast of this and similar problems:
[URL]http://www.responsiblelending.org/index.cfm[/URL]

[debtcollector`]

Originally Posted by Chien

I happen to agree with LNR.

If you don't, don't bitch. If you do, voice your opinions at the ballot box, and let your representatives know that you intend to. Write letters to your senators and congressmen. Other states have viewed them with more than disdain and have found good cause to ban them so, in my opinion, if they're still in your backyard, you get what you permit.

This is an excellent site to keep abreast of this and similar problems:
[URL]http://www.responsiblelending.org/index.cfm[/URL]

Or alternatively, people could simply stop using them and they'll go away.

DC

[Chien]

You do come up with novel and creative solutions. Can't argue.

Chien

[adam2dot0]

I never said I wanted them around, I vote Democrat, but this is a Red State...

[debtcollector`]

Originally Posted by adam2dot0

I never said I wanted them around, I vote Democrat, but this is a Red State...

No need to apoligize. There is still time for you to fix that.