Another Scummy Payday Loan Scam

A Marshfield man came into the Marshfield Police Department at 3:16 p.m. to report a possible fraud. The man had applied to several payday loan online loan businesses but had been denied by all of them until he was contacted via email by an alleged loan company calling itself “Speedy Cash.”

The man said the email already had his information, and when he called he spoke with a male with a strong accent. The man said he would be approved for a loan of $5,000 even though he only needed $500.

He was then instructed to obtain $500 worth of gift cards to begin the loan process. He did so and sent a picture of the gift cards’ pin numbers. The man did not receive any payment to his bank account, and the so-called “Speedy Cash” representative now needed $200 more.

Police informed the man that this so-called “Speedy Cash” lender was indeed a fraudulent business. The man then called “Speedy Cash,” and when he explained he was at the police department, the representative dropped the accent, cursed at him, and hung up the phone.

The man was advised to contact his bank as he gave out his account number as well as his Social Security number and was instructed on identity theft protection.

Note: There is indeed a legitamate lender called “Speedy Cash.” They have a good reputation and are active members of The CFSA.

Consumers who simply must get their hands on quick cash MUST be careful. Payday loan scammers are everywhere…

TitleMax Forced to Abandon its Title Loan Product

The Nevada Financial Institutions Division (NFID) issued an order requiring TitleMax to “immediately cease and desist offering its “Grace Period Payments Deferment Agreement (GPPDA)” title loan option and return all principal and interest collected under every GPPDA entered into after December 18, 2014. ”

The order directs  TitleMax to pay an administrative fine of $307,000 for breaking Nevada car title loan laws.

The Nevada complaint focused on TitleMax of Nevada, Inc. TitleMax offered an agreement entitled Grace Period Payments Deferment Agreement and cited a violation of NRS 604A.445 which allows for only two types of title loans: a 30-day loan, extendable for up to six additional 30 day periods and a 210-day loan that may not be extended.

18 Ways to Kiss Your Payday Loan Lender Goodbye
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A judge upheld a previous ruling that “by entering into the GPPDA, TitleMax unlawfully extends the term of the loan beyond the initial 210-day term. Under the GPPDA, the customer receives an additional 210 days to pay off their title loan with the first seven payments going toward interest only and the second seven installments going toward principal only. While the interest rate remains the same as the initial loan agreement, the customer’s payments are no longer fully and ratably amortized as required by law. A customer who makes payments according to the GPPDA, will ultimately pay more money in interest than he or she would have paid under their initial loan agreement.”

Customers that have a GPPDA title loan agreement with TitleMax should reach out to their TitleMax branch with questions.

For strategies to get out of paying your payday loans and title loans, get my new book: “How to Kiss Your Payday Loan Lender Goodbye” available on Amazon.

Here’s a link to the TitleMax car title loan “Findings of Fact, Conlusions of Law, and the Order.

Vermont Payday Loan Laws and Refunds

Billing Tree, Inc., an Arizona company that processes electronic payments, will pay $178,000 to settle claims that the company violated Vermont consumer protection laws.

Vermont Payday Loan Laws and Refunds

Here’s a link to the Vermont Payday Loan Settlement: Vermont

Verify Vermont payday loan lenders having a license here: Vermont Payday Loan Licensees

To file a Vermont payday loan complaint: Vermont PDL Complaint

The Attorney General for the State of Vermont successfully secured refunds for approximately 4000 Vermont bank account holders from billing Tree.

“Vermont continues its strong prosecution against those engaged in predatory lending activities,” said Attorney General William H. Sorrell. “This is the fourth and largest settlement against a payment processor of high-interest, unlicensed internet loans and a further warning to the illegal lending industry.”

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From 2012-2014, Billing Tree processed debits from nearly 4000 consumer bank accounts in Vermont on behalf of at least 43 online payday loan lenders. The annual interest rates (APR) often exceeded 100-300%.  Vermont law prohibits annual interest above 24%. None of the 43 lenders had a license to make loans in Vermont.

As of May 2014, Billing Tree ceased processing payments in Vermont involving any online consumer loans.

Under the terms of the settlement, Billing Tree will issue credits totaling $153,282 to the Vermont bank accounts, and will pay $25,000 in civil penalties and costs to the State. The credits represent partial compensation for payment of interest over Vermont’s legal limit.

Consumers who have borrowed from any lender not listed as licensed with the Vermont Department of Financial Regulation can file a complaint with the Attorney General’s Consumer Assistance Program, or mail a complaint to “Consumer Assistance Program,” 146 University Place, Burlington, VT 05405.

 

What to Say to a Payday Loan Debt Collector

Payday Loan Debt Collector Problems?

So, you have payday loan debt collectors calling you, texting you, emailing you…

How do you respond to a payday loan debt collector? 1st, it depends on whether this payday loan debt collector is your original lender.

The CFPB – Consumer Financial Protection Bureau – has debt collector template letters you can use free. (Available at their website with a link below.)

Common challenges with payday loan debt collectors include your need to figure out if this debt collector who is on your butt BOUGHT the loan from your original payday loan lender.

payday loan debt collector
Payday Loan Collector Help

Use the free sample payday loan debt collector response letters below ASAP! Keep copies of EVERYTHING! Consider these tasks your new job. You can save yourself thousands of dollars if YOU fight this TODAY.

Need more help fighting payday loan debt collectors? Get my book delivered to your inbox NOW. Click Here to access Amazon and “18 Ways to Kiss Your Payday Loan Lender Goodbye.” Only $2.99 investment.

Using free CFPB sample letters, you can respond to payday loan debt collectors by:

How to handle a payday loan debt collector. What you must do?

WARNING: These letters are not legal advice.

If you’re being sued or think you’ll be sued by a payday loan debt collector, consider contacting a lawyer or read my $2.99 Amazon Book.

If you’ve manged to get your ass in payday loan hell, it’s a drag. I know! I’ve worked in payday loan debt collection call centers for years. I’ve heard every excuse and I know how to respond to them. learn from me. Invest a mickey mouse $2.99 and read my book. 100% satisfaction guaranteed.

You can beat the payday loan debt collectors BUT you have to know what to say and how to say it!

Payday Loan Relief: More Scum Bags Bite the Dust: Apply for Your Money

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“The FTC requests a final judgment of over $43 million in equitable damages and injunctive relief against all defendants.”

YOU are entitled to money thanks to an FTC program launched against the payday loan companies listed below. Check your bank records for any debits processed by any of these companies. READ the name of the ACH processors involved as well. And, if you even THINK you may have been ripped off by a payday loan company, get my book, “How to Kiss Your Payday Loan lender Goodbye” available on Amazon for $2.99! It’s all about payday loan help available to you.

“The FTC argues that this provision is necessary because these defendants “directed many of the scheme’s most unscrupulous practices, including posing as a lender to purchase declined payday loan applications” and “falsely
held themselves out as consumer credit experts” and lenders in order to purchase consumer account information.”

“Section III of the FTC’s proposed order is reasonably related to Jared Mosher, Christopher Sunyich, and Steven Sunyich’s misconduct. This relief is especially appropriate in light of their high-level involvement in the scheme, which preyed on vulnerable customers i.e. payday loan applicants in need of financial assistance while purporting to offer nonexistent financial counseling and services. ”

Payday loan help and relief
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The Federal Trade Commission sued Ideal Financial Solutions, Inc., its related entities, and the people who control them alleging a wide-ranging fraud scheme in which Ideal, through a host of shell entities, purchased consumer bank and credit card information from payday-loan vendors and charged unwitting consumers a fee for financial services never provided.

The FTC filed this action against Ascot Crossing, LLC; Avanix, LLC; Bracknell Shore, Ltd.; Chandon Group, Inc.; Fiscal Fitness, LLC; and Ideal Financial Solutions, Inc. (corporate defendants); and the people who control them: Kent Brown, Jared Mosher, Christopher Sunyich, Melissa Sunyich Gardner, Michael Sunyich, Shawn Sunyich, and Steven Sunyich (individual defendants), alleging that they orchestrated a fraud scheme using unfair billing practices (count 1), deceptive billing practices (count 2), and deceptive statements that consumers authorized payment (count 3), all in violation of the FTC Act.

Here’s the link to the FTC website, complaint form and $43M settlement:
https://www.ftc.gov/enforcement/cases-proceedings/1123211-x130044/ideal-financial-solutions-inc-et-al