Payday Loan Collection Scams : Know Your Rights And Responsibilities
Payday Loan Collection Scams : Know Your Rights And Responsibilitiesby Charlene Crowell
NNPA Columnist
Originally posted 10/27/2011
Almost every consumer is concerned with today’s tough financial times. But for those looking to make a fast buck, tough times can also make for easy prey – especially when a payday loan borrower can be tracked down.
Across the country state attorneys general, the Better Business Bureau, law enforcement officials and others are alerting consumers to overly-aggressive phone callers who threaten arrest if a payday loan is not immediately repaid.
Claiming to be representatives of a law firm or collection agency these fake collectors demand personal financial information such as bank account or credit card numbers. Others request that monies be wired immediately or direct consumers to purchase a pre-paid credit card. Regardless of the specific request, their aim is to either get your money directly or gain access to it through information provided.
In truth, however, many of these callers have no affiliation with a credible business, the names are fictitious and calls are made from untraceable numbers. The heavy-handed collection tactics are intended to get cash quickly and move on to the next victim.
According to North Carolina Attorney General Roy Cooper, “Don’t fall for these calls from crooks demanding that you pay phony debts. Never agree to share your personal information with someone you don’t know who calls you, no matter how convincing they sound.”
Rather than reacting to harsh language and pressures to pay immediately, consumers would be wise to assert their own interests. A legitimate debt collector should respond to requests for written and additional information. That kind of inquiry should identify the original creditor, amount owed, date of the alleged transaction, etc.
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"People who might know to stay away from payday lenders think that if a bank is offering it, it must be safe," said Lauren Saunders, managing attorney for the National Consumer Law Center. Yet "a bank payday loan has all the same problems a traditional
There are concerns about whether inquiries and charge-offs from payday and online lenders should be included in determining credit scores. "Payday loans are extremely onerous," said Chi Chi Wu, a staff attorney at the National Consumer Law Center.
But for those looking to make a fast buck, tough times can also make for easy prey – especially when a payday loan borrower can be tracked down. Across the country state attorneys general, the Better Business Bureau, law enforcement officials and
Petraeus is also examining overall indebtedness and how people in the military and their families use payday loans and other high-interest loans. Pawnshops and payday lenders surround military bases, Petraeus said, and members of the military are
The check is deposited on the borrower's next payday, according to a memo to the city council from Interim City Attorney Valerie Armento. Under California law, the maximum payday loan a consumer can borrow is $300 and the maximum fee a payday lender
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