The Old Payday Loan

Thomas has a payday loan from 2009 that he's receiving calls for. The collector is threatening him with federal prosecution and jail time. Dave explains that this collector is breaking the law.

QUESTION: Thomas in Detroit has a payday loan from 2009 that he’s receiving calls for. The collector is threatening him with federal prosecution and jail time. Dave explains that this collector is breaking the law.

ANSWER: First, what you have done by not paying a payday lender is not criminal. Very possibly, what she has done is called extortion, and that may be criminal. At a minimum, they’ve violated a federal law called the Federal Fair Debt Collection Practices Act. I want you to go to a collection website called CollectionBully.com. Document this incident for that set of attorneys.

You probably have the basis to sue them for their misbehavior. You should sue them if not put them in jail. You will not owe any money when this is done.