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All loan companies hassle borrowers (who don't pay). Either they do it themselves, or they sell the debt to the collections industry, which does it for them. I
by 55555 7y ago
All loan companies hassle borrowers (who don't pay). Either they do it themselves, or they sell the debt to the collections industry, which does it for them.
If you find a payday loan online in the US and don't pay it back, you might even end up receiving calls from collections agents who pretend to be your local sheriff and threaten you with arrest. Debt is an extremely dirty industry. The average or perhaps median cost of a debt second-hand is 4 cents on the dollar, so there's a ton of money to be made by getting people to pay up. Even worse, in the US, collections companies typically have no proof the debt is real, which also conveniently means you dont actually need to pay. IIRC/IANAL
- naravara 7y ago> Even worse, in the US, collections companies typically have no proof the debt is real, which also conveniently means you dont actually need to pay. IIRC/IANAL Also not a lawyer, but from what my financial planner tells me simply sending a debt validation letter asking for them to prove you owe what they say you owe shuts most of them up. Student loans or tax avoidance though, they’re likely to have the records. Alas
- pkaye 7y agoWhat are the alternate ways this is done in other countries?
- 55555 7y agoWe have laws.. they just arent enforced.