Payday loan lenders will usually
have in house collectors since the term for a loan is on average two weeks
long. It doesn't take much time to have a loan in default with direct payday
loan lenders. Once the usual 120 days are up for loan collection attempts, the
outstanding balance moves on to a collections agency. Your days with dealing
with the original payday loan lenders are over, the default debt gets reported
to the credit bureaus and you being hearing from a professional collector.
The debt collectors have worse
reputations than the payday loan lenders. All it takes is a few bad apples to
ruin the whole bunch. Online payday loan lenders are affected by that rot in
all the bad reports which call them predators or aggressive lenders. There are
some things which you need to understand about collectors. The most important
element which gets overlooked during stressful financial times is that these
collectors are human beings just like the rest of us.
The collectors have a set of
regulations which they must follow in order to collect on the debt. Yes, there
are some who overstep their boundaries and do not make best collection
practices their daily job. Those are the bad apples of the collection world.
There is a larger majority of collectors who do their job as fair as possible.
Let's face it; the job of a collector is not a rosy position to have.
The clients who have to contact are
usually not on their best behavior due to being in a bad situation. Many have
more problems than just financial ones. There are medical, unemployment and
death problems which are just a few of the situations which create financial
difficulty. The collectors hear sad stories behind the debtor's situation, but
their job is still to collect on the debt. The human factor makes it more
difficult when the stories haunt them even after clocking out from work.
Remember, the collectors are people with feelings too.
As the consumer is protected by
threats and abusive tactics of the collector, what protects the collector from
receiving threats? For the most part, debt collections is a thankless job. It
is about getting money from people who have none or refuse to pay. So when
there are death threat messages left on their phones, bomb scares, or threats
of hunting family members down in order to get the collector to stop calling.
As most people just refuse to answer the phone or hang up when the call comes
through, there are bad apples on the other side as well.
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