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Shady loan company. Help!
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<blockquote data-quote="susiestar" data-source="post: 576084" data-attributes="member: 1233"><p>I used to work for a bank. In several depts and I knew many who dealt with shady collection attempts. You have rights. They cannot send you to prison and closing that account to keep scammers from taking money is NOT the same as writing a fraudulent or bad check. Not even CLOSE though con artists can try to convince you fo this. Regardless of what they tell you, you are NOT going to jail. Yes, they may be able to call you at work and at home. But ONLY until you tell them to stop. tell them that you ONLY want to be contacted in writing. Once you do this, ANY phone calls or attempts to contact you in ANY way other than in writing are violations of federal law. </p><p></p><p>Also, did you ever get the loan agreement in writing? If not, it may not even have been a legal loan. Tell this collection agency that you want the info IN WRITING and unless they send you the ORIGINAL agreement in writing, you will not have anything to do with them. Then let your bank have copies of EVERYTHING they send you. Chances are they bougth the loan and had NO idea that you didn't get copies of the agreement and the orig company doesn't even still have them and never turned them over when they sold the loan. Thus they cannot prove that you did actually borrow the money. If they DO sent a copy of the orig agreement? Then the bank has a copy of the terms, can prove how they violated them by taking so much out the first time, and can prove usury, or loaning money at an interest rate that was too high. This is a violation of federal law and means that the loan is invalid and you don't hav to pay back a penny. I had a boss who used to play with companies like this. He would set up a second bank account, borrow from some shady company at a rate that was too high, then after they took one payment out, he would confront them with the info that it was usury, illegal and if they ever tried to damage his credit, send it to collections, or do anything else then he would sue and turn them over to the Feds. When I stopped working for him he had done thsi six times already. He closed the account right after the first payment and even now has NVER heard a word from anyone about these loans. Of course he knew the state and federal lending regs very very very well and also turned stuff over to a friend who worked to close down loan operations like this, and it was his personal mission to stop these shady crooks. I do NOT advocate anyone doing this, not even him, but many of these loans are illegal, lkely yours was too.</p><p></p><p>Listen to the bank. Go to one of the Financial Peace seminars that are given at many churches for a small fee. Seriously. You NEED some help with budgeting, this is not a crime or sin, most of us are not taught these skills as kids or as young adults. If impulsive spending is a problem, this program might be helpful. If yo have credit card debt, go to a credit counselor and get on a program to learn to live wtihin your means. You will be SHOCKED at how it improves your life. Seriously shocked. husband and I did this a few years back. He used to have credit cards and each time he got one he maxedi t out, incl one his company cosigned for. Usually I had zero clue he had the card or wasn't paying it. Credit counselling saved our marriage. now we live within our means, no matter how modest they are that month. Yes, we got foreclosed on after husband lost his job, but our new apartment is great, CHEAP, in town, and we can afford it so there is no stress over it.</p><p></p><p>in my opinion you NEED to learn to not make such fast decisions on money. It is HARD to do. Trust me, I blew the last of my cash for the month yesterday and in the past would be upset and scrambling. Now? I stopped and thought before I checked out, and I am okay with it. So it isn't a big deal and we don't really need much to last the month so it is okay. </p><p></p><p>ANY collection agent MUST stop calling if you tell them to only communicate in writing. This is FEDERAL LAW and the penalties are HUGE. They cannot threaten you with jail time, and if you can prove they did? HUGE penalties. We dont' do that in the US. Closing an account that a lender is abusing is NOT the same as writing a bad check, not by a LONG shot. No matter WHAT they tell you, they are not going to send you to jail. IF they are rude or they use a single swear word? The feds again fine them, as do other federal agencies, and if they have a ceratin number of reports of abusive behavior the feds will fine them out of business. NOT joking. Not common or advertised, but it is a major no-no to swear while collecting money.</p><p></p><p>Please stop fretting. Let this go. Let them sue you. They will send a letter because to send a sheriff to your work takes a TON of time and money. They don't want to spend that much money to get a few hundred from you, esp when they must present documents in court to get that order for an officer to come to your office. Let the bank deal wtih it. You cannot be arrested for not paying this while your bank is working on it. If they do try to rush it through the courts, have the bank and an atty come to help you. </p><p></p><p>Please please please work on not freaking out over financial demands and threats from creditors. Tell them to contact you in writing only and hang up on them. If they call you back? They are in violation of federal law. Don't EVER do anything until they send you proof in writing. EVER. Whether you remember the debt or not. I had a hospital put me in a private room because they were mostly empty and didn't have anyone to put me with. It was only private because no one was int he second area in the room. They tried to collect extra money because insurance didn't pay for private rooms. I told them to send me a copy of my signature agreeing to a private room. I never heard antoher word from them. They not only didn't have my signature, they couldn't find ANY billing records to send me. So I never paid a single penny of the copay or co insurance because they coudln't find the records. I was willing to pay what I owed, but not htat extra money because i didn't agree to the private room. I wasn't going to be there that long, Know what I mean?? Anyway, ALWAYS insist that collection agencies only communicate in writing, and if they ever call, tell them flat out that their fines will be more than your amount owed. Cause they will be.</p></blockquote><p></p>
[QUOTE="susiestar, post: 576084, member: 1233"] I used to work for a bank. In several depts and I knew many who dealt with shady collection attempts. You have rights. They cannot send you to prison and closing that account to keep scammers from taking money is NOT the same as writing a fraudulent or bad check. Not even CLOSE though con artists can try to convince you fo this. Regardless of what they tell you, you are NOT going to jail. Yes, they may be able to call you at work and at home. But ONLY until you tell them to stop. tell them that you ONLY want to be contacted in writing. Once you do this, ANY phone calls or attempts to contact you in ANY way other than in writing are violations of federal law. Also, did you ever get the loan agreement in writing? If not, it may not even have been a legal loan. Tell this collection agency that you want the info IN WRITING and unless they send you the ORIGINAL agreement in writing, you will not have anything to do with them. Then let your bank have copies of EVERYTHING they send you. Chances are they bougth the loan and had NO idea that you didn't get copies of the agreement and the orig company doesn't even still have them and never turned them over when they sold the loan. Thus they cannot prove that you did actually borrow the money. If they DO sent a copy of the orig agreement? Then the bank has a copy of the terms, can prove how they violated them by taking so much out the first time, and can prove usury, or loaning money at an interest rate that was too high. This is a violation of federal law and means that the loan is invalid and you don't hav to pay back a penny. I had a boss who used to play with companies like this. He would set up a second bank account, borrow from some shady company at a rate that was too high, then after they took one payment out, he would confront them with the info that it was usury, illegal and if they ever tried to damage his credit, send it to collections, or do anything else then he would sue and turn them over to the Feds. When I stopped working for him he had done thsi six times already. He closed the account right after the first payment and even now has NVER heard a word from anyone about these loans. Of course he knew the state and federal lending regs very very very well and also turned stuff over to a friend who worked to close down loan operations like this, and it was his personal mission to stop these shady crooks. I do NOT advocate anyone doing this, not even him, but many of these loans are illegal, lkely yours was too. Listen to the bank. Go to one of the Financial Peace seminars that are given at many churches for a small fee. Seriously. You NEED some help with budgeting, this is not a crime or sin, most of us are not taught these skills as kids or as young adults. If impulsive spending is a problem, this program might be helpful. If yo have credit card debt, go to a credit counselor and get on a program to learn to live wtihin your means. You will be SHOCKED at how it improves your life. Seriously shocked. husband and I did this a few years back. He used to have credit cards and each time he got one he maxedi t out, incl one his company cosigned for. Usually I had zero clue he had the card or wasn't paying it. Credit counselling saved our marriage. now we live within our means, no matter how modest they are that month. Yes, we got foreclosed on after husband lost his job, but our new apartment is great, CHEAP, in town, and we can afford it so there is no stress over it. in my opinion you NEED to learn to not make such fast decisions on money. It is HARD to do. Trust me, I blew the last of my cash for the month yesterday and in the past would be upset and scrambling. Now? I stopped and thought before I checked out, and I am okay with it. So it isn't a big deal and we don't really need much to last the month so it is okay. ANY collection agent MUST stop calling if you tell them to only communicate in writing. This is FEDERAL LAW and the penalties are HUGE. They cannot threaten you with jail time, and if you can prove they did? HUGE penalties. We dont' do that in the US. Closing an account that a lender is abusing is NOT the same as writing a bad check, not by a LONG shot. No matter WHAT they tell you, they are not going to send you to jail. IF they are rude or they use a single swear word? The feds again fine them, as do other federal agencies, and if they have a ceratin number of reports of abusive behavior the feds will fine them out of business. NOT joking. Not common or advertised, but it is a major no-no to swear while collecting money. Please stop fretting. Let this go. Let them sue you. They will send a letter because to send a sheriff to your work takes a TON of time and money. They don't want to spend that much money to get a few hundred from you, esp when they must present documents in court to get that order for an officer to come to your office. Let the bank deal wtih it. You cannot be arrested for not paying this while your bank is working on it. If they do try to rush it through the courts, have the bank and an atty come to help you. Please please please work on not freaking out over financial demands and threats from creditors. Tell them to contact you in writing only and hang up on them. If they call you back? They are in violation of federal law. Don't EVER do anything until they send you proof in writing. EVER. Whether you remember the debt or not. I had a hospital put me in a private room because they were mostly empty and didn't have anyone to put me with. It was only private because no one was int he second area in the room. They tried to collect extra money because insurance didn't pay for private rooms. I told them to send me a copy of my signature agreeing to a private room. I never heard antoher word from them. They not only didn't have my signature, they couldn't find ANY billing records to send me. So I never paid a single penny of the copay or co insurance because they coudln't find the records. I was willing to pay what I owed, but not htat extra money because i didn't agree to the private room. I wasn't going to be there that long, Know what I mean?? Anyway, ALWAYS insist that collection agencies only communicate in writing, and if they ever call, tell them flat out that their fines will be more than your amount owed. Cause they will be. [/QUOTE]
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