Don't be a victim

Last night, I received a very disturbing call from a debt collector.

Basically, the collector on the phone threatened that he would file federal charges and sue me if I didn’t pay back an $800 defaulted loan by today.

He refused to send me any paperwork regarding the loan until after I paid it – even after I told him that I didn’t remember taking out such a loan. I allegedly took out this loan back in 2005.

The man used all kinds of strong-armed tactics in trying to persuade me to pay off this loan. He told me he would file charges against me for federal swindling, have my wages garnished, property seized, and sue me for $4000 or $5000 dollars. According to him, this would be the amount after legal and attorney fees. I asked him what kind of payment resolution could be made and he boldly told me that I had 24 hours to pay or be sued and have a sheriff at my door. He then hung up the phone.

There were no other acceptable arrangements.

I will admit that at first I was taken aback. The threat of being imprisoned or sued initially worried me because I, like everyone, can’t afford it. But, after researching the Fair Credit Collection policies on the Federal Trade Commissions site, I realized that his tactics were illegal.

I am sure that many of you also receive calls from creditors – hopefully, not as harassing as mine. But, it is important that you know your rights. The Federal Trade Commissions site can be found here.

Also, make sure to report people that violate your rights to your state Attorney General's office and the Federal Trade Commission.

It is time to put an end to the harassment.

The Wizard has spoken.