Banks and other lending institutions are a necessary part of everyday life, because unless you are one of the three lucky ticket holders of the largest Powerball jackpots in history, you need money to meet your daily needs. Most people are not able to pay cash for necessities, and thus take out loans to buy reliable transportation and put a roof over the family’s head. In most cases the loan officers and banks are helpful, and work with their customers to give them the best loan terms possible. But that is not the case in every instance. There are unfortunate situations where lenders take advantage of borrowers when writing loans, or even resort to harassment when trying to collect payments. These tactics are not only unwelcome, they are also against the law. If you have been harassed by a bank, or been the target of predatory lending, there are steps you can take to hold the bank accountable for its actions.
But, suing a lender can be a large undertaking. The banks are equipped with large legal teams, and in order to make the most of your case it is best to organize yourself before initiating a lawsuit so you are prepared for the battle. Three tips to suing lenders include:
- Keep copies of all of your documents, and have an officer or director of the lending institution certify that the copies given to you are true and correct copies of the original loan or loan application.
- Keep a diary of all communication with any bank representative, including the date and time of all phone calls and the name of the person providing assistance. You should also include a short narrative of the substance of your conversation, and follow up all verbal agreements with a written confirmation of what was discussed and any resolutions offered.
- Keep a phone log of all calls you receive from any collector, and make an audio recording of any messages left for you.
Collection efforts are limited in time and scope, and a collector is not permitted to make threats or otherwise harass you in order to persuade you to make payments. As far as making a loan goes, there are certain rules and regulations that must be followed, and if they are not the bank can be liable for violating these laws. Once you have all of your evidence gathered, call our office and schedule an appointment. We will review your documents and other pieces of evidence, so an effective strategy can be developed for your case.
For more information about debt and debt management and collection, contact our office at www.DsouzaLegalGroup.com. We work with you to come up with solutions that work.