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(This is a guest post from Jacquie Dymock, the Country Manager for Ferratum Australia, payday loans and other short term cash providers. Connect with Jacquie on Google+ as well.)

 

Know Your Rights When Dealing With Payday Loan Debt Collectors

While payday loans can be helpful for some people, they turn out to be complete disasters for certain individuals who cannot make their payments on time. Once you start to get behind on these kinds of high interest loan payments, it is rather easy for you to get in over your head and not know how to find a workable solution to the problem. If you are someone who is in the midst of a battle with a payday loan debt collector right now, then you need to make sure that you know your rights before you continue. Let’s take a look at the straight facts of payday loan collection.

Check Your State’s Usury Laws

Although most payday loan debt collectors will not tell you this, there are actually limits to how much interest a lender can charge you on a yearly basis. The limits can change from state to state, so it is important to make sure that you understand the law in your state before you try to fight off a debt collector. If you have found that your debt collector is trying to collect an illegal amount of interest, then you should inform the debt collector about the laws in your state to get them off your back. If the debt collector continues to hassle you, then you may need to call a lawyer or your state’s financial board to get them off your back.

The Debt Collector Cannot Be Aggressive

If you are dealing with an aggressive debt collector who seems to think it is all right to call your home and place of business more than ten times a day, then you could be dealing with someone who is breaking the law. Payday debt collectors are only allowed to send you polite letters and leave you calm messages on your voice mail, so you should try to report any debt collector who is getting a bit too aggressive.

The Debt Collector Cannot Continue to Force Collections

If your payday loan debt collector has direct access to your bank account, then you should know that they are not allowed to send any charges to your account without your permission. If you do not have the funds in your account as they continue to try to collect your payments, you will be hit with massive amounts of fees from your bank. In certain situations, the debt collector will actually be liable for those fees because they were not supposed to be charging your account without your permission in the first place. If you have been charge overdraft and NSF fees for attempts by a debt collector to charge your bank account, then you may be able to get those charges dropped or sent over to the payday lending company.

The Debt Collector Has to Be Willing to Work with You

If you are trying to solve the collection problem by coming up with a new payment plan, then you should be in the clear of any more extra fees in the future. Some states actually require debt collectors to listen to their borrowers when it comes to restructuring their payment plan, so make sure that you are at least attempting to solve the problem instead of ignoring all those phone calls and letters. This is not the kind of problem that will go away on its own, and it is much better to take a proactive approach when it comes to dealing with an unlawful debt collector.

 

Ask for Legal Help

Once you have done everything you could possibly do to work with your debt collector and they are still not willing to budge on your collections, then you may want to ask for legal advice from a payday loan lawyer. There are some situations where a debt collector will simply not give up on harassing you on a daily basis, and it is important to take legal action in these kinds of situations. If your debt collector has been too aggressive or your payday loan was illegal in the first place, then you need to ask for help from a legal expert. Knowing your rights will only get you so far against someone who is willing to break the law while trying to intimidate you into making large payments. Sometimes you have to be willing to fight fire with fire and stand up for yourself against a payday loan debt collector.

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