If you've ever defaulted on a payday loan, then chances are you've received more than a few phone calls threatening lawsuits and arrest warrants like the ones you’ll hear on my blogs audio player. Needless to say, they're just scare tactics.
I've received over a hundred such calls over the years and I've never had a single courier serve me a summons at my home or place of employment like they are so famous for threatening people with. Furthermore, if they were going to have me served they would never give me advanced notice.
These ridiculous threats are intended to do one thing and one thing only...scare the debtor into making a payment. I have nothing against a person trying to make a living. Believe it or not, debt collectors do serve a purpose. My only issue is the way in which they go about collecting the debt.
Having said that, defaulting on a payday loan may be an issue of morality, but it’s certainly not illegal. I’m sure we all had intentions of paying the loan back when we borrowed the money but the reality is, sometimes *hit just happens!
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