“hello,im rewriting this but i gott a loan from ace cash express in 2010.when i got that loan i had a checking account with bank of america my account was open at time.well today i get a call from a lady she said she from liberty investgation she said she no debt collecter she says i owe ace cash express 900 in they will set a payment arrangment up of 300 for four months til i pay it off i told her im not working rite now in she said if i dont then she will send the file to merced county which is ca to police department in the next 24 to 48 hrs i will be arrested.i tired setting up a payment arrangment with her that was resonable for me in she wouldnt except it.she said she will give until tomorrow at 2pm to come up with something.she also said that im facing crimal charges because.my bank account was close which is not true.i askes her how did she gett my number she said investgator did she also read my current address in i told her i dont live there.i dont know what to do im stressing my self.”
Looks like the loan collection practices in the USA are much worse than here in the UK. Despite the OFT finding some pretty shady practices and cracking down on 50 of the leading payday lenders recently this sounds extreme by UK standards.
First of all, don’t worry, the police are not going to be interested to hear about your debt, you are not going to be arrested. It sounds like the person you spoke to is trying to bully you into giving up your bank details. Don’t give up your bank details, you need to make sure you are speaking to the company you took the loan out with and you need to agree a repayment schedule with them that you can manage and then stick to it.