It is often the case that Payday Loans cannot be repaid on time. Considering that they are mainly used by people with low income and short-term loans, this is not unusual. In such situations, creditors use the services of the Collection agency. Here’s what happens:
You will receive a written notice, not an email. This letter should write the name of the creditor and the fact that he has asked the Collection Agency to collect the debt, your name and the amount of the debt.
The collection agency is not entitled:
– Connect with you more than 3 times a week without your consent
– to contact you when you are on holiday
– to associate with you on Sundays except in the hours between 1 and 5
– to threaten you
– to charge you
– keep in touch with you if you have hired a lawyer to defend your rights and have notified them in writing. They must continue to communicate with the lawyer
– contact a relative if he is not a guarantor of the debt
– contact your employer unless he is a guarantor of the debt and the payout is not automatic at the salary
As a debtor, at the first notice from the Collection agency, you must provide a disclosure form. This form describes in detail your rights and how you can protect yourself if you think it is violated.
When you establish a normal relationship with the Collection agency, try to pay your debt.
However, you have benefited from this money. If you can not immediately repay the loan, organize your payment in several installments.
When you cover the loan, always require a receipt proving the payment.