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Updated: Payday Lender Threats

 Update:  It has been a little over a year since I wrote a blog on payday lenders claiming to be with the McLennan County DA's office.  In my Waco Bankruptcy office, I am having more and more clients tell me that they received calls from individuals claiming to be officers of the court or government agents.  They say they must be paid or the debtor will be picked up by the sheriff or the police and placed in jail. Last February I was able to hear McLennan County DA Abel Reyna speak regarding payday loans and other matters. He specifically addressed the question of whether the McLennan County DA's office is calling and investigating people who are not making their payday loan payments. He denies any involvement from his office and claims that, as a general rule, he has no intention of arresting individuals who fail to repay payday loans. He claims that collection agencies are using his name in vain and he is researching this issue as an attempt to resolve it. However, these recent threats are not the first time collection agencies have used lies and threats to scare people into paying their debts. I once had a client who called crying because her elderly mother had been called and told her daughter would go to jail the next day if the mother didn't pay. I have had other clients who are called and harassed due to deceased family member's debts. The reality is that payday loans are not the answer. The interest rate tends to be in the triple digits and tend to make problems worse.  They are next to impossible to pay off. Furthermore, payday lenders collection tactics are some of the most abusive in the industry. They threaten, lie, and abuse debtors who are struggling to pay off the debt due to the outrageous interest rate. Individuals will pay the payday loans out of fear and end up homeless because they can't make the mortgage payments. If you are struggling with payday lenders, please call 254-633-2876 today for a free, no-obligation consultation to see how we can help! Let my family help yours!

   

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