To beat the enemy you have to know your enemy. Suntzu “The Art of War”
A Payday Loan Industry Insider
I work for a few of the largest payday loan companies in the world. I’ve tried every trick in the book to collect money from payday loan borrowers.
I’ve been trained well. I’ve attended more than 50 collections workshops conducted by the best collectors in the payday loan space.
I’ve been attending payday loan industry conventions (OLA, FISCA, CFSA and state associations) for 6 years.
I’ve collected over $5M in PDL bad debt. That’s approximately 8000 defaulted payday loans. Remember! When I call, text, or email you, DO NOT TRUST ME. I am not your friend no matter what I Continue reading Payday Loan Help→
By Frank at PaydayLoanCollections.com: “I empathize with our collection people. It’s a cubicle job in a call center. Our collectors average 192 calls per shift and are lucky to get 8 delinquent borrowers to stay on the phone with them. Those borrowers who do talk to our collectors are PISSED! We have to track them down. The job really sucks. Collectors earn bonus money on what they collect but it’s brutal. It’s a tough way to make a living and few payday loan collectors are good enough at it to earn their bonus money. Many of my collectors are in debt to other payday loan lenders. They’re as bad off as the borrowers they’re calling.”
“Our collection center employee turnover is unreal. Collectors are issued ID cards by my IT department. Collectors are simply a number to us. IT has collectors swipe their cards, take their photo, and have them enter a PIN number. This enables payday loan collectors to log into a PC, get their phone extension, clock in, and access the building (all doors are of course controlled ingress). Their email is “TheirExtension@collections.PaydayLoanCollector.com. The extension is the number on the ID card.”
“The ID cards do not have their names or their picture. If they lose the card, they’re terminated if they fail to memorize their number on their ID card.”
“After 90 days, they get a real ID, which also provides them with an email address with their name on it! Nirvana!”
Your Bank Account: Close your bank account and open a new one, DON’T give anyone access to it. Pay bills with a money order purchased from the U.S. Post Office. NEVER give payday loan companies access to your bank account again!
Your Bill Collectors: Stop paying all your creditors. Your credit is already shot, who cares. Time to get out of this mess. Beginning today, prioritize your debt. Payday loan lenders are last to be paid.
Prioritize Your Bills: Make sure to pay for your food, electricity, gas, rent, phone, internet before paying anyone else! Take care of your basic needs first. I know, “pay for your internet service?” For many of us, it’s critical to have access to the net.
Your Debts: List your debts from smallest to largest, pay off the smallest debt first. Move on to the next one. Keep negotiating with the creditors to remove their fees, late charges, etc… call them one at a time and tell them you only have X number of dollars and ask them to fully settle. DO NOT send them money until you have a full settlement amount in writing. Then send them a money order. Keep copies of your paperwork for 10 years. If they call you 10 years from now claiming you owe them X, you have proof they’ve been paid. You will not believe how many times your debt will be sold and a new debtor will surface it’s ugly head claiming you owe them money.
Resources: Visit your local library and listen to the “Total Money Makeover” by Dave Ramsey… do this first if you can. Then start listening to his podcast, it’s free.
I work for a payday loan company. I am trained to FOCUS on collecting money from you NO MATTER HOW BROKE YOU ARE.
If you are 14 days past due, I MUST contact you 72 times in those 14 days you’re late. This includes calls to your home, work, your alternate contact numbers, your cell phone and any other phone numbers you gave me on your original payday loan application.
This “72” does not include calls I make to the reference numbers of your friends and family that you listed on your original application. My employer considers these “extra attempts.”
I’m trained to make your life HELL! And I will… if you let me.