Payday Loan Help

Help with Payday Loan, Personal Loans and Car Title Loan Lenders.

There is a LOT of misinformation out there regarding what payday loan collection companies can and cannot do.

It’s CRITICAL YOU know the the basics when dealing with a payday loan, car title loan lender or installment loan collection agency.

The CFPB has assembled some abbreviated commentary regarding collections that is worthy of your time IF you’re one of those “unfortunates” vs “despicables” who is being hounded by payday loan companies.

Here’s the bottom line on what you should demand from one of these “loan sharks:”

What information does a debt collector have to give me about the debt?

A debt collector must tell you the name of the creditor, the amount owed, and that you can dispute the debt or seek verification of the debt.

Any debt collector who contacts you claiming you owe on a debt is required by law to tell you certain information about the debt. That information includes:

  • The name of the creditor
  • The amount owed
  • That you can dispute the debt
  • That if you don’t dispute the debt within 30 days the debt collector will assume the debt is valid
  • That if you dispute the debt in writing within 30 days the debt collector will provide verification of the debt
  • That if you request the name and address of the original creditor within 30 days, if different from the current creditor, the debt collector will provide you that information.

If the debt collector doesn’t provide the above information in the initial contact with you, the debt collector is required to send you a written notice including that information within five days of the initial contact.

Share

Payday Loan Debt Collector Help

Help with Payday Loan, Personal Loans and Car Title Loan Lenders.

There is a LOT of misinformation out there regarding what payday loan collection companies can and cannot do.

It’s CRITICAL YOU know the the basics when dealing with a payday loan, car title loan lender or installment loan collection agency.

The CFPB has assembled some abbreviated commentary regarding collections that is worthy of your time IF you’re one of those “unfortunates” vs “despicables” who is being hounded by payday loan companies.

Here’s the bottom line on what you should demand from one of these “loan sharks:”

What information does a debt collector have to give me about the debt?

A debt collector must tell you the name of the creditor, the amount owed, and that you can dispute the debt or seek verification of the debt.

Any debt collector who contacts you claiming you owe on a debt is required by law to tell you certain information about the debt. That information includes:

  • The name of the creditor
  • The amount owed
  • That you can dispute the debt
  • That if you don’t dispute the debt within 30 days the debt collector will assume the debt is valid
  • That if you dispute the debt in writing within 30 days the debt collector will provide verification of the debt
  • That if you request the name and address of the original creditor within 30 days, if different from the current creditor, the debt collector will provide you that information.

If the debt collector doesn’t provide the above information in the initial contact with you, the debt collector is required to send you a written notice including that information within five days of the initial contact.

Share

Payday Loan Refunds Due from Western Sky

It’s a bonanza for Georgia borrowers who did business with Western Sky and Cash Call.

Recall that Montel Williams was their spkesman.

Residents of Georgia who have received loans for Western Sky – Cash Call are entitled to participate in a $40,000,000 settlement the Georgia Attorney General Chris Carr made with the lender.

Oct. 31, 2016  the Georgia Supreme Court specified that out-of-state Internet lenders are subject to Georgia’s Payday Lending Act, which “prohibits a lender from making loans of $3,000 or less unless the lender is licensed to lend in Georgia or under federal law.”

Additionally, Georgia law imposes a maximum interest rate of interest rate on these loans of 10 percent. Western Sky consumated 8,000 loans with Georgia borrowers having typical interest rates from 140 percent to 340 percent APR’s and collected  $32+ million in interest and fees from Georgia consumers since 2010.

18 Ways to Kiss Your Payday Loan Lender Goodbye
Payday Loan Help

Western Sky must pay Georgia consumers $23,500,000 in refunds, stop all collection efforts and cancel all outstanding loans!

According to the Office of Attorney General Chris Carr, the settlement requires Western Sky and its affiliates to pay $23.5 million in consumer restitution, to cease all collections and to forgive all outstanding loans, which will provide an additional $17 million in loan relief to Georgia borrowers.

If you’re due a refund, additional details are here: GAWesternSkySettlement.com.

Share

Payday lender CashCall Inc. will repay $1,300 per customer on average

PHILADELPHIA — The U.S. government states sufficient facts to convict two men of using  indian tribes as fronts for dozens of illegal payday lending businesses that brought in more than $680 million in five years, a Pennsylvania federal judge ruled Dec. 29 after finding that neither tribal law nor sovereign immunity can shield the men from claims that they operated a racketeering conspiracy using a “rent-a-tribe” scheme (United States of America v. Charles M. Hallinan, et al., No. 2:16-cr-130, E.D. Pa.; 2016 U.S. Dist. LEXIS 179625).

CashCall Settles District Of Columbia Usury Suit For $2.9 Million

WASHINGTON, D.C. — Payday lender CashCall Inc. will repay customers more than $1.8 million — about $1,300 per customer on average — and forgive another $1 million in loan debt to settle claims by the District of Columbia that the company charged illegally high interest rates, according to a consent order filed Jan. 11 in the District of Columbia Superior Court, which previously rejected CashCall’s attempts to shield itself from lending laws through tribal sovereign immunity (District of Columbia v. CashCall Inc., et al., No. 2015 CA 006904 B, D.C. Super.). Tribal Courts

Share

$23M in Fines and Refunds Paid Payday Loan Borrowers

FTC Action: Payday Debt Relief Operation Banned from Debt Relief Business

The owners of a debt relief operation that targeted consumers with outstanding payday loans will be banned from the debt relief business under settlements with the Federal Trade Commission.

In February 2015, the FTC filed a complaint alleging that Jared Irby, Richard Hughes, Coastal Acquisitions LLC, and PSC Administrative LLC, who typically did business as “Payday Support Center” or “Infinity Client Solutions,” falsely promised to resolve consumers’ payday loans through their hardship program. Once enrolled, consumers stopped making payments to their lenders, but the defendants failed to provide the promised debt relief, and consumers ended up in deeper financial trouble, having paid hundreds of dollars for no reduction or settlement of their loans according to the agency.

[Be sure to signup for my free Newsletter for updates on refunds being paid by payday loan lenders and collection companies as the FED’s Post them.] Under two stipulated final orders announced today, the defendants are banned from all debt relief-related activities, and they are prohibited from making misrepresentations about financial and other products and services, and from making unsubstantiated claims about any products or services. The orders also bar the defendants from profiting from consumers’ personal information and failing to dispose of it properly.

How to get out of your payday loans
Payday Loan Help

Each order imposes a judgment of more than $23.7 million that will be partially suspended when Irby and the corporate defendants pay $149,537, and Hughes pays $8,037.26. In each case, the full judgment will become due immediately if the defendants are found to have misrepresented their financial condition.

The Commission vote authorizing the staff to file the stipulated final orders against Irby, Coastal Acquisitions and PSC Administrative, and against Hughes, was 3-0. The U.S. District Court for the Southern District of Alabama entered the orders on September 7, 2016.

NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge.

Here’s a link to the original FTC order.

Here’s a link to the original FTC Complaint.

 

Share