Payday loan harassment stops now?

By Phillip Edmunds

You ran into some financial issues and decided that a payday loan would be a quick fix. A few quick fixes later and you have found yourself at the receiving end of the payday loan offices buddy Bruno. He keeps calling and calling asking for money. You just want him to leave you alone. Let’s take a look at how to make Mr. Bruno take a hike.

1. Submit a stop calling me letter. Thanks to the Fair Debt Collection Practice Act, you have the right to tell Bruno to leave you alone. It is time to fire up that word processor, or even better that pen and paper, and tell the people bugging you for money to stop calling. You know you owe them money and you really don’t need a constant reminder every day. Once Bruno gets the letter, he is obligated by law to stop. Make sure you request a signature upon receipt. Also know that this does not mean that Bruno cannot take up the pen himself and write you a letter every day.

2. Keep all threatening voicemails. Bruno has decided that he was going to threaten you with some cement shoes and the local river. Unfortunately he did this via voice mail. Save that voice mail. Make note of any calls that you get that are threatening. If you happen to end up in court, you might be able to use these as part of a counter suit.
Borrow the money you need from friends or relatives. It is amazing at how many friends and relatives are willing to help you out of a bind. The easiest thing to do is ask for small amounts of money from people. We all don’t have a Donald Trump in the family, but we almost always have people willing to help us out. You might even find someone has a bit of money stashed away and is willing to pay off that payday loan. Suck it up and ask, you never know who is willing to help you out.

3. Ask the payday loan office for an extension on repayment. When it comes to money, you will find everyone wants his or her share. This is no different with the payday loan people. Ask them for an extension if you know you will be able to pay off what you owe in a week or less. Granting an extension is cheaper than having to deal with a collection agency. Score two points if you can get the payday loan office to keep the interest rate low on top of the extension.

4. Make small payments. When all else fails, make small payments. It might not be paying off the loan, but it shows you are trying to make progress. Bruno is less apt to call if you are making small payments whenever you can.

5. While a payday loan might feel like a quick fix, it rarely ever is. If you find yourself at the receiving end of some harassing phone calls, or a non-stop flow of mail, try a few of these steps. They just might help you keep your sanity in these trying financial times.