Help with Payday Loan, Personal Loans and Car Title Loan Lenders.
There is a LOT of misinformation out there regarding what payday loan collection companies can and cannot do.
It’s CRITICAL YOU know the the basics when dealing with a payday loan, car title loan lender or installment loan collection agency.
The CFPB has assembled some abbreviated commentary regarding collections that is worthy of your time IF you’re one of those “unfortunates” vs “despicables” who is being hounded by payday loan companies.
Here’s the bottom line on what you should demand from one of these “loan sharks:”
What information does a debt collector have to give me about the debt?
A debt collector must tell you the name of the creditor, the amount owed, and that you can dispute the debt or seek verification of the debt.
Any debt collector who contacts you claiming you owe on a debt is required by law to tell you certain information about the debt. That information includes:
- The name of the creditor
- The amount owed
- That you can dispute the debt
- That if you don’t dispute the debt within 30 days the debt collector will assume the debt is valid
- That if you dispute the debt in writing within 30 days the debt collector will provide verification of the debt
- That if you request the name and address of the original creditor within 30 days, if different from the current creditor, the debt collector will provide you that information.
If the debt collector doesn’t provide the above information in the initial contact with you, the debt collector is required to send you a written notice including that information within five days of the initial contact.