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Archive for 'Debt Scams'
Demand for High-Interest Payday Loans Soars in Minnesota
Residents of Minnesota are turning to high-interest payday loans and other services outside the mainstream banking system, controversial enterprises that operate through a loophole to dodge state restrictions. The demand for these types of loans more than doubled in recent...
Read MoreFTC Takes Action in Pay Day Loan Scam, Financially Vulnerable Consumers Should Be Vigilant Of Others
On February 20th, the Federal Trade Commission (FTC) announced victory, at least temporarily, in halting unauthorized credit card transactions involving thousands of consumers. The scammers charged credit cards for non-existent goods and services totaling more than $25 million, targeting financially...
Read MoreDebt Collection Horror Stories
Debt collector horror stories abound: There are threats to dig up the dead relatives of those who couldn’t pay their funeral bills, promises to imprison debtors or take their children into custody — even warnings that pets will be killed....
Read MoreCapital One to Pay the Price for Deceptive Credit Add-On Marketing Tactics
Capital One Financial Corp. exaggerator has been mandated to pay a sum of $210 million for conducting deceptive marketing of credit card add-ons like credit monitoring and payment protection, reports Business Insider. Neither a denial nor an admittance of guilt was released by...
Read MoreBank of America Rolls out Suspicious New Pilot Program
Bank of America (BoA) has introduced a test program in certain markets called “Mortgage to Lease,” says the Wall Street Journal. It allows BoA mortgage customers facing foreclosure to keep living in their homes by converting them into renters rather...
Read MoreThe Delicate Art of After-Death Debt Collections
Debt collectors have been known to use various techniques to secure payment, some of which violated the Fair Debt Collection practices act (FDPCA). This can include pestering debtors, their friends, relatives and co-workers with calls at inappropriate times and places....
Read MoreCollection Harassment News: Beware of the Fake Debt Collector
A NJ man recently received phone calls from someone claiming to be a debt collector. As it turns out, he paid his loan back months ago but the phony collection calls still tried to scam him out of hundreds of...
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