Payday loan companies are notorious for their methods of bullying and harassing their customers until their debts are settled. Whether it is repeated telephone calls, frequent angry letters, or even in-person contact, their attempts to solve debts can range from annoying to frightening. Luckily, those wondering how to stop payday loan harassment have several options available to preserve their sanity.
The first thing that any loan customer should do is to write a formal letter demanding that the company stop calling. Under federal law, it is possible for any customer who has taken out a loan to exercise their right to keep the loan companies from aggressive and lengthy calls. Once you have sent this letter, the company is required by law to refrain from contacting you with a telephone call; they can, however, still send you an email, a letter in the mail, or can directly get in touch with you via an attorney.
Sometimes, it is enough just to meet a loan agent in their office and speak face-to-face about the situation. Clearly and effectively explaining the problem may be enough to mitigate some phone calls, though they may continue over time. If you talk with a loan provider about an extended term, it is possible to get some extra time on your hands. While the standard repayment is usually only a span of two weeks, sometimes the loan providers will extend the term of the loan so that you can get a few more days to get the money together. This may result in increased fees, but will give you a welcome reprieve from the annoying phone calls.
Should you need to come up with the money quickly, it is better to get any funds possible from a personal source than to go to another loan operation. A trusted family member or friend, especially one who has had money problems in their past, may be willing to provide some or all of the money needed to pay down the debt. This still leaves you owing money, but to a trusted source that will not hound you day and night in order to get it back.
If you have the ability, you can record particularly nasty phone conversations and use it as a legal means of taking the case to court. It is possible to sue a loan company for harassment, and any phone calls that involve gratuitous language, threats, or similar harsh messages can be ample evidence to launch a lawsuit against a company. Keep as many phone calls and letters recorded as possible; the threat of a lawsuit may even be enough to convince the loan company to cancel the debt itself if it is strong enough.
Remember that the longer you wait, the more money is added to your debt. Even paying off a small amount will do several things: lessen the total amount owed, give you a small amount of time to get more money, and prevent creditors (for a short time) from calling you demanding the debt be settled.