If you are being chased by Cash Train over an unpaid payday loan, then you are probably already under a barrage of calls and texts from them to recover the money. The worst situation though, is when they inform you after missed payments, that the debt has doubled, you have a default on your file and the interest is mounting.
In Australia now we are in big trouble, household debt is sky high and unfortunately, more consumers than ever are turning to payday loans to get by.
Protect your income from Cash Train accessing it
There are several situations that legally warrant a debt collection company taking your money. However, there are some loopholes that enable yourself to protect your money form these companies. The quickest and easiest strategy, is to sign up for some income protection. Debt collectors won’t be able to touch it and it also supplies you an income, if out of work/injured etc all situations debt collecting agencies care nothing about and would normally chase you for regardless. The one I used was this one
The first tactic to do straightaway is contact your bank and cancel the direct debit that will be in place with Cash Train, this will stop them taking any money out. Secondly, if you have many debts and payday loans, then go open a brand new bank account that you can use to put wages/cash in and never use it as somewhere to pay bills, that way you will never wake up, go to the cashpoint and find all your money gone. There are some sample template letters on this site you can also use to send off to them as well here
Check and dispute your Credit file Today
One unfortunate factor with being in debt, is that companies will put a default on your credit file, which will stop you being able to get credit. Many people run out of money before payday and often need a little bit of credit/loan to get them to the next payday and sort themselves out. So one tactic I would suggest, is to access for free you credit file and have a look quickly to see if there are any defaults on your name and if there is, then click dispute next to all of them. I have found many times companies put defaults on your file much earlier than they should, so you can sometimes clear your file/improve your credit score straightaway. The free one I used was this one
Chased by Cash Train payday loan? Don’t pay them, read this first
Remember the payday loan industry is legalised loan sharking and they will use every tactic to give you money and then recover it as forcefully as they can without physical harm. Offering you larger and larger amounts of credit until you fall into a debt spiral. Which is why the ASIC have already conducted investigations and fined companies operating in an underhand manner. It is when you do not pay that the telesales teams and automated texts/letters come at you from every angle. I have fought and beaten every payday loan company here in Aus, so please do not despair if in trouble, use the contact form ont he right hand side and Ill help you, whatever the situation.