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Archive for 'Debt Scams'
Phantom Debt Collectors Haunt Latinos, Are Busted by FTC
Harassing debt collectors seeking payment for “phantom debt” are becoming more common, says the FTC. Thousands of Spanish-speaking consumers were targeted by debt collectors Centro Natural Corp. and Sumore LLC, who tricked them into paying over $2 million in phantom debts....
Read MoreABC News Reports Fake Debt Collectors Threaten Victims with Jail Time
Earlier today, ABC News reported that phony debt collectors are calling thousands of innocent people across the country, illegally threatening them with jail time and other legal action. If you follow the Credit Law Blog, you’re probably already aware that this is...
Read MoreFake Debt Collector Scams Thousands, Pleads Guilty
Dealing with an endless barrage of debt collection calls is one thing, but when a debt collector demands that you pay a debt, threatening legal action even though you don’t recall owing any debt to begin with? That’s something else...
Read MoreDebt Collectors Settle with FTC for $3.3 million, Permanent Ban from Collecting
The Federal Trade Commission Thursday announced a settlement in a long-running case against two debt collection agency owners and their network of companies that threatened lawsuit and arrest over debts consumers often did not owe. The two principal owners of...
Read MoreTurning the Tables on Debt Collectors
Are you being contacted by phone and mail about a debt that you owe but haven’t paid or can’t pay? Maybe you are being called about somebody else’s debt? Does it seem like your phone won’t stop ringing or that...
Read MoreChase To Pay $389 Million Over Illegal Charges For Credit-Monitoring Services
JPMorgan Chase has agreed to pay out nearly a billion dollars to close investigations related to the 2012 “London Whale” trading fiasco, and now is told it must pay out $309 million in refunds and $80 million in penalties over...
Read MoreThe Dangers of Pension Loans
Craig Kimmel of the Kimmel and Silverman law firm joins Hal Donahue for the weekly segment of What Vets Need to Know on The Union Edge, discussing the dangers of Pension Loans. For more information, news and help for...
Read MoreLenders Target Naive Military with Usurious Payday Loans
Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding 400 percent. The Military Lending Act...
Read MoreMassachusetts Office of Consumer Affairs Announce Shut Down of Debt Collector and Action against Five Unlicensed Predatory Lenders
The Massachusetts Office of Consumer Affairs and Business Regulation and the Division of Banks announced a series of cease orders targeting unlicensed lenders and a licensed debt collector that were not adhering to the state’s loan consumer protections. These loans...
Read MoreForget the Facts! Robo-Sign it!
Judgments against unsuspecting consumers for defaulted loans are being churned out by debt collectors like Midland Funding, using robo-signed affidavits of debt as substitutes for properly investigated, properly documented debt. Robo-signing is the mass-production of “sworn” affidavits used to prove outstanding...
Read MorePayday Lenders Using Rent-A-Tribe Scam Enjoy Sovereign Protection from Law Suits and State Oversight
A report by the Center for Public Integrity, says that Internet-based payday lenders operating in California, New Mexico, West Virginia and Colorado are claiming to be “tribal enterprises” of Native Americans, providing them certain benefits of sovereignty, including immunity from...
Read MoreBig Named Banks Partake In Payday Loan Profits
With 12.5 million Americans unemployed and many facing inevitable debt harassment, consumers are turning to online payday loans, often with obscene interest rates in excess of 500 percent, to make ends meet. To the financially strapped, worrying about today has displaced...
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