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Last updated on September 26 2018

Commentary is for informational purposes only. See legal disclaimers

Regarding Collection Policies

We never collect money / At WFL we don't approve loans or influence lenders in any way regarding your application for approval. Since we don't lend money, we never collect money. If you default on payments to your loan provider, they will be taking action in the form of collections. Read your lender's documentation on policies and procedures thoroughly so you fully understand their collection practices.

But since you're here / We would like to provide some basic information to our visitors on the subject of collections. If you have fallen behind on payments to a lending institution to point where they are in the process of trying to collect monies from you, we highly recommend you reading the Fair Debt Collections Practice Act.

Read these sections thoroughly:

  • § 806  Harassment or Abuse
  • § 807  False or Misleading Representations
  • § 808  Unfair practices
  • § 809  Validation of debts
  • § 811  Legal actions by debt collectors

Knowledge is power / We've heard ALL SORTS of stories from our users regarding shady collection practices so you need to know the law so you can set them straight. A perfect example would be the first sentence in § 807:

"A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt."

That is just one good example of what some shady debt collection agencies do when they get over aggressive. If you're being harassed constantly be collection agencies you need to know whether or not their actions and behavior is against the law.

There will also be local and State laws governing collection practices in your area. Be sure to seek the truth locally in regards to what debt collectors can actually do.

The best way to avoid being harassed by debt collectors is to keep track of all your spending and earnings. Make sure you follow a strict budget, and save some money each pay period for emergency situations. We'll talk about this in depth on our blog.

 

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