Consumer complaint received 2015-05-21
Product: Payday loan — 
Issue: Can't stop charges to bank account — 
Company: PHOENIX EQUITY PARTNERS LLC (SD)

On XXXX XXXX, XXXX, XXXX of my family members received threatening calls from a representative at Phoenix Equity XXXX, claiming that they are trying to locate me so that I can be served by a courier. I got a message and phone number from one of them and returned a phonecall to the company .I was told that I had a balance on a pay day loan that I had taken out in XXXX which now had a balance upwards of {$2000.00} They would not tell me the principle amount and had very little information about the loan itself. The one thing that the company did make very clear is that If I did not agree with some sort of payment plan with them THAT day for the loan, that I would need to be in court In XXXX XXXX, Mt the following week. The threatened that I would have court costs, lawyer fees, courier fees added on top of the over {$2000.00} I owed. She put me on a hold for a short while after I told her I obviously wanted to settle it out of court and avoid those costs, but at that time I was next to broke. When she came back from me being on hold, I was told that they would settle today for {$450.00} ad she made sure that I understood how rare it was for a company to settle with such a low amount, and made me feel as though they were doing me a huge favor in allowing to make two payments on this " loan. '' She said that if I did not make a payment that very day that they would pursue me in court in Montana. I have n't lived in Montana for XXXX years now, and the idea of having to be in court scared me. It was not at all feasible for me to take off work and travel to montana for court, and with the added legal fees, attorney fees, etc, that I was threatened with, I was made to believe that I was getting off easy with just giving them the money they were requesting. The company, Phoenix Equity Partners, wiped my checking account out completely that day. They charged my card, from XXXX XXXX XXXX XXXX XXXX in XXXX XXXX SD XXXX on that day and then two weeks later, we agreed I would pay the remaining amount of XXXX, with a XXXX transaction fee each time. The company that I had received the loan from was called XXXX XXXX. On doing a little research, I found out that this is no longer a company. I called the representative back and told her this and she stated that the companymay have changed names or gone out of business but that does n't mean I do n't owe the debt, and she would proceed with court if I did n't honor the payment arrangement. So that I what I did. I finished the final payment and received an email saying the debt was cleared afterward. A few days later I received a very similar call from the same company, Phoenix Equity Partners. I returned the call and was short with them, as I had just severly shorted myself financially by paying off the supposed pay day loan and I was angry they were still calling. She then told me that they had received TWO more pay day loans that they were to collect from me. One for the amount of XXXX and one for the amount of XXXX, one taken in XXXX and one taken in XXXX. I was frustrated and started to think that the company was actually a scam to get money from me. I ignored calls from a XXXX XXXX for two days following. These supposed loans, which I do n't recall taking out, were from XXXX XXXX XXXX. I told XXXX XXXX I would not be making any payments or arrangements until I was sent verification of the debt, and some paperwork on my case. She said that it was impossible, that they had NO paperwork, and that if I did not make a payment plan that day that they would pursue legal action, and I would be charged many fees for them having to do so. I simply can not afford it, and so, I made a payment arrangement. I am trying to rebuild my credit and I am very afraid of having to go to court for financial reasons. They are planning to take out XXXX every payday