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Expert: Regan Shinski - 11/12/2010


Question
I had a person call my job and said that I was being arrested for defaulting on a pay day loan that I agreed to pay back, also they said that the case is being sent to the attorney general for filing against me.  So, he asked me to pay for this right then and there.  They said I took this loan out on 01/2009, Pay Day Loan ventures, Inc. balance on the Loan was 295.00- he broke payments up into two monthly payments and gave me a discount, paying 106.00 each.  What a big discount lol, phone # was 8774596691 Northway Access Debt Collection, Rep name was Ben his Ext was 503, They took the first payments from my checking, and the second was supposed to be pulled on 10/22, still hasn't cleared. worried this is not legit.  Any suggestions?  

Answer
Hi Mandy:

I'm exactly sure what you are saying is possibly not legit.  Did you actually take a loan?  If so, why did you make ANY payment at all?  Was the loan taken out in your name by someone else?  Or are you concerned strictly about the collection agency having a legitimate right to collect the debt?

If the issue is strictly with the collection agency, you can send them a certified letter asking for validation of the debt.  Specifically ask for their right to collect on the debt under the FDCPA.  You can also contact the original creditor an explain the situation.  More broad methods of checking the collection agencies' credentials including looking up licensing activity, contacting attorney general's office, better business bureau, and other possible trade associations.

If I did not address your specific concern, please report a question with the specific concern you have.

Good luck,

Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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