Things You'll Need:
- Loan documents
- Debt collection letter
- Voice recorder
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Step 1
Ask for an extended loan term. Short-term payday loans require repayment within two weeks. If you can’t pay off the loan by the due date, the cash loan company may willingly extend your term. You’ll pay additional finance fees, but it’ll fend off harassing phone calls.
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Step 2
Borrow the money from a friend or relative. Payday loan companies are persistent. The best way to get them off your back is to pay off the short-term loan, especially since the loan interest continually incurs. Ask a trusted friend or relative for a no-interest loan. Immediately pay off the payday loan.
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Step 3
Write a “stop calling me” letter. According to the Fair Debt Collection Practice Act, consumers have the right to stop harassing phone calls. Creditors, including payday loan companies, may call debtors several times throughout the day. Once they receive this letter, they’re obligated by law to cease all phone contact. However, they can still contact you via letter or lawyer.
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Step 4
Keep a record of threatening phone conversations. If a payday lender leaves a harassing or nasty message on your voicemail, save the message. Furthermore, attempt to record a live conversation. If taken to court, you can countersue for harassment.
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Step 5
Submit small payments whenever possible. Because payday loans incur daily interest until the loan is fully paid, submitting partial payments doesn’t reduce the balance. Still, it’ll buy you some time and put a stop to harassing phone calls.
