Recent news articles suggest that consumers are at increasing risk of being conned by fraudulent debt collecting agencies. Purportedly, a number of people have received calls from phoney debt collectors, who threaten legal action if they do not pay up. Their modus operandi is quite simple – find consumers with open payday loans and leverage the traditional practice of debt collection to con them into paying up. In most cases, these conmen accuse the consumer of ‘defaulting’ on a payment, thus tarnishing the reputation of lenders as well. Victims naturally develop animosity towards the industry and their lender, who would perhaps be completely unaware of these issues unless informed by the customer.

We treat every loan account as a relationship with the customer. Of course, there have been instances when some of our customers failed to honour their repayment terms. Despite this, we have ensured that no unscrupulous or hostile practices are adopted to force the customer to pay up. This is best exemplified by a customer testimonial –

“I recently paid off a payday advance loan and very much enjoyed the exceptional service that Lending Stream delivered.” – Chloe Stangoe

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Tags: debt collection fraud, payday loan disadvantages, payday loan fraud

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This entry was posted on Friday, August 14th, 2009 at 6:15 am and is filed under Lending stream, Payday Loans, Payday News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.