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Cordial Collections

February 22nd, 2015 at 12:05 pm

Today I decided to pay off one of my smaller debts with a portion of my tax refund and settled on an old pay day loan. I did not want to risk dealing with an inexperienced employee in the store so I just called the corporate office to find out how to proceed. Well surprise surprise they were able to take my payment right over the phone for no extra charge and cleared my account immediately. Worked for me!

Then I got a second surprise when she mentioned another outstanding pay day loan, but from a different company. I knew about this one and figured I would deal with it next month, but I was not sure how she knew about it. Turns out the other company is their sister company, which means they should not have given me a loan because I had an outstanding one with their parent company. Their bad. The upside is I can deal directly with the parent company to clear that one as well for no extra charge and the amount due is much less than I thought it was.

I knew getting out of debt would be a slow and somewhat emotional process, but it was really nice to not be hassled regarding this account. I expected there to be rudeness, snarky comments about my being irresponsible, and some ridiculous hoops to jump through just to get them to take my payment. How nice to be able to just pay and move on.

5 Responses to “Cordial Collections”

  1. creditcardfree Says:

    How did you make that payment over the phone? With your bank information, or a credit card? I would only make payment with a cashiers check with collections companies/pay day lenders, as they are known for pulling money out of your account (since you have now given them that information) whenever they want to satisfy your debts. I would want to be in control of WHEN to pay them. I hope it doesn't become a problem, but I wanted you to know this has happened to people. And yes, I get this is not ethically right, but they do it anyway...

    Great job on less debt! That I like to hear.

  2. LittleMissSplendid Says:

    Oh yeah I'm familiar with the crazy methods they try to get away with and all the lawsuits they've likely gone through is probably why they record their calls and read all these authorizations and ask for your verbal consent now. I did not give them my bank info for this very reason so while I am less worried, I will still keep my eyes peeled for anything suspicious.

  3. snafu Says:

    When your new cookware arrives, I hope you'll post an ad for cast iron items as there are a great many people who love them.

    Awesome, another pay day loan gone. What's next on your list?

  4. LittleMissSplendid Says:

    I actually think I may keep the cast iron for those special occasions when family visits and something must be made just so in order to appease the elders =) Its just not worth arguing with them you know?

    Next on my list is that other pay day loan since its also small and I can clear it up when I get paid this week.

  5. FrugalTexan75 Says:

    Congrats on paying off that loan!

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