Due to economic hardships I defaulted on several payday loans about a year and a half ago. I’ve recently received phone calls that the collector is saying he is from a law firm and that they are going to take legal action against me. I know they can, but what are the chances that these are empty threats and if they do take legal action what is the worst that could happen?
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Never assume that any legal threat for debt collection is a real legal threat. Debt collectors will often pose as (or pretend they work for ) attorneys to scare you into paying…If you have any doubts, ask for their alleged attorney’s full name license # in the state bar association, then call your state bar association to verify the attorney’s information. If they refuse to give this info to you, then the legal threat is bogus.
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If you have any money to settle….then offer to settle the accounts @25% and go from there.
-Never pay a debt collector without first getting a signed settlement agreement on their letterhead stating that the account will be paid in full upon receipt of the agreed-to amount. If you don’t, the debt collectors will come back demanding more money.
- Never give out your checking account/bank routing numbers to debt collectors for making electronic debit payments. Pay only via USPS money order.