Debt collection is a huge industry these days with 30 million Americans having an average of $1500 in collections. Payday loan collectors have become part of the debt collection industry that spends countless hours making phone calls, sending emails, mailing letters and searching for debtors on the Internet and social media sites.
When a debtor goes into default with their payday loan, payday lenders attempt to collect on that debt the same way a credit card auto loan collector would. First they call or send a letter, then when you don't respond they continue to call. If they can't reach you they may call your employer or references listed on your loan application. If they still can't find you they may look at your Facebook or Twitter to find out if you have changed jobs or moved. They will go to great lengths to get you to pay. Not only because the lender wants their money, but because that is how the collector makes their money.
Read more »
0 comments:
Post a Comment