Defaulted Payday Loans

If you've ever defaulted on a payday loan, then chances are you've received more than a few phone calls threatening lawsuits or arrest warrants being served to you at your home or workplace. It should go without saying that these are just empty threats and a form of scare tactics.

I've received over a hundred such calls over the years and I've never had a single courier serve me a summons at my home or place of employment like they are so famous for threatening people with. Furthermore, if they were going to have me served they would never give me advanced notice.

These ridiculous threats are intended to do one thing and one thing only...scare the debtor into making a payment. I have nothing against a person trying to make a living. Believe it or not, debt collectors do serve a purpose. My only issue is the way in which they go about collecting the debt. 

Having said that, defaulting on a payday loan may be an issue of morality, but it’s certainly not illegal. I’m sure we all had intentions of paying the loan back when we borrowed the money but the reality is that sometimes *hit happens!

You might also like: The Payday Loan Honor System

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Consumer Financial Protection Bureau

Normally I do my own dirty work but for whatever reason, call it a gut feeling, today I decided to do a little extra research and I ran across an organization called the Consumer Financial Protection Bureau or CFPB. They work as a middleman between you and the debt collector and work to get your issue resolved.

In my complaint, I made no admission to owing the alleged debt or any promises to pay. I simply stated that I had recorded transcripts of the company’s illegal collection tactics and that if they didn’t cease and desist all communications with me immediately, that I would seek legal action against them.

This is where Google-voice really comes in handy. With Google-voice, all voice-mails are recorded and can be downloaded to your computer as an mp3 file which can be used as proof of the illegal collection practices being used against you. In the case of my CFPB complaint, I was able to upload the mp3 files that I saved to my computer directly into their online complaint form!

Don’t just think of the CFPB as an intermediary. Each complaint submitted to the CFPB is shared with several local, state and federal agencies that oversee collection tactics by unscrupulous companies that illegally harass consumers about unpaid debts, even if the debt does not belong to you.

I took a more aggressive stance in my complaint by threatening legal action because I have a “no fear” attitude, but you may want to communicate in a less aggressive tone and hammer out some type of payment arrangement with them. I’m just providing the information. How you choose to use it is completely up to you.

The more complaints that we submit as consumers to organizations such as the CFPB and Federal Trade Commission, (FTC) the greater the chance we’ll have of getting some of these low life companies shut down or at least fined enough to make them collect unpaid debts by the letter of the law.

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Phone Number Spoofing

So tonight I get a phone call and the caller ID reads Sheriff’s Dept. Now, to the average person, panic would set in right away but for me, my immediate thought was that it was just someone trying to collect on a debt by disguising their phone number in order to make it appear as if the call was coming from the Sheriffs Dept. Seriously...That’s just how my mind works, so I let the call go straight to voice-mail.

The caller identified himself as Officer X, calling from the San Diego County Sheriff’s Dept. and he stated that a warrant would be issued for my arrest this evening at 9:30 PM and if I wanted to prevent the warrant from being served, I needed to call the plaintiff in this case back at the provided telephone number within the next hour or else I would be picked up and arrested!

The alleged charges were something along the lines of theft by deception, bank wire fraud and some mumbo-jumbo about fraudulent checks across state lines. At any rate, it was clearly a bunch of B.S. and that’s putting it nicely! I’ll give him credit…If I didn’t know better, I would have been scared “witless”, especially after I googled the number on my caller ID and found that it actually matched the San Diego County Sheriff’s Dept., but I’m smarter than that.

Listen, I didn’t create this blog because I was stupid. If the goal is to scare me, pull the Sheriff's car up to my front door with a warrant in hand and maybe then I’ll consider taking you seriously. Maybe. But even then, I’d know that the visit was due to some kind of mistake. The thought of it being for an unpaid payday loan or other debt would NEVER have crossed my mind because I know that these are civil matters and not criminal. You might sue me for the debt but you’ll never jail me for it!

Phone Number Spoofing:

Phone number spoofing is the ability to call from one cell phone number and disguise it to appear as if the call is coming from another phone number…Including numbers that belong to legitimate entities such as local law enforcement agencies with the hope that it will scare you into complying with their demands for immediate payment. Don’t fall for it. It’s a scam!

These apps can be downloaded from any iPhone or Android store in about 2 minutes and can be stressing a person out within 15! Yes, technology has come that far! I was so amused at the creativity that went into the creation of this scam that I had to blog about it right away so that I could give my followers a heads up before they got scammed or stressed out unnecessarily.

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