What happens if someone took out a payday loan in my name?
Question by Candace: What happens if someone took out a payday loan in my name?
I’m going through a nasty divorce that has been dragging on for almost a year. A couple of days ago, both my brother and sister got phone calls from someone claiming to be a collection agency for a payday loan company saying that I had taken a payday loan and failed to pay on it. I have never taken a payday loan and my attorney cannot take action until I have something in writing. What can I do?
Best answer:
Answer by Jason Smith
It does not sound like an actual collection company, (actual collection companies can’t state they are calling because of an unpaid debt unless they are talking to the lendee… fdcpa guidelines), don’t know what it is but it sounds fishy. If you do talk to this person DO NOT give out any personal information, and inform family/friends not to give out theirs. Given that you are going through a divorce my best guess (and it is only that), is that it is a private investigator from your former signifigant other. Best of luck.
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What will happen if someone does not repay an unsecured loan?
Question by Sharon B: What will happen if someone does not repay an unsecured loan?
I borrowed $ 13,000 from a finance company, after about a year of repaying the loan I had noticed less than $ 100.00 actually went towards the loan I payed about $ 2,736 for a year,I had asked them to help me with the payment and the interest rate they told me their was nothing they could do so I stopped my bank draft by closing my bank account now I`m worried they might try to seize my property can you give me some answers.
Best answer:
Answer by David M
They are about to turn your life into hell. They will sue you, most likely win a judgment against you and will attack your bank accounts and garnish your wages. And oh yeah, your credit rating will be shot making it next to impossible to get credit cards, loans or to rent an apartment or get a cell phone. Your best bet is to try to work with them and pay off this debt.
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