I took out a payday loan with speedy cash in tx it was over the internet. I defaulted on it after i made like 4 or 5 payments of 152.96 now they have turned it over to a collection agency. Named "Ad Astra Recovery Services" and i recieved a letter today stating that i had 15 days to respond back to them and pay 657.00 or if i didnt they would sue me and go for my proptery, cars, bank accounts etc... They also said that if i didnt rspond that they would have access to my credit report, bank accounts, credit card, employment, etc...it has shown up on my credit report and i disputed this. My loan was for 500.00 to pay off was like 657.50... Is this just another tactit or can /will they do what they say.. And how can they have access to my personal info like bank accounts, employment, credit card, credit report... What do i do about this??????????? I live in texas i have serached for laws but dont UNDERSTAND them. What do i do??? THANK YOU HERE IS WHAT THE LETTER SAYS:
As you know the balance on your Payday Advance Loan with Speedy Cash remains unpaid and has been placed with this agency for recovery. Be asvised that this agency has made multiple attemps to contact you and attempt to arrange for voluntary payment on this debt. Your failure to respond to these attempts has required us to exsplore other option to pursue the successfull recovery of your unpaid balance.
TOTAL AMT DUE $657.45
the current amopunt due has now been reported as unpaid collection to one or more credit bureaus.
We intend to continue to pursue this debt and at the time this agency will review your account to determine if and asset search and liability investigation is warranted. If required this investion may include one or more of the folling :employment history, credit reports, bank accounts departmen of motor vehicles records and /or real estate and personal property records. be further advised that this information will be carefully reviewed in order to determine this agency next course of action.
Please send payment with this notice or contact our office for immediately for payment arrangements.
If there is some reasson why you are unable to remit your payment please call us and let's discuss the problem we still may be avoe to set up paymen arrangenments that will work for both of us.
this is a atempt to collect a debt ....etc
AD ASTRA RECOVERY SERVICES INC
3611 NORTH RIDGE ROAD
WICHITA, KS 67205
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.