Tactics to get out of your payday loans by Royal Paine
FTC Ends Payday Loan Abuse. Do you owe these guys money? Read on to discover how to get out of your payday loans.
The FTC settled with Timothy A. Coppinger, Frampton T. Rowland III, and their companies who “targeted online payday loan applicants and, using information from lead generators and data brokers, deposited money into those applicants’ bank accounts without their permission. The defendants then withdrew reoccurring ‘finance’ charges without any of the payments going to pay down the principal owed.”
The Court subsequently halted the operation and froze the defendants’ assets pending litigation.
The FTC’s complaint against these alleged rogues stated “The defendants told consumers they had agreed to, and were obligated to pay for, the unauthorized “loans.” To support their claims, the defendants provided consumers with fake loan applications or other loan documents purportedly showing that consumers had authorized the loans. If consumers closed their bank accounts to stop the unauthorized debits, the defendants often sold the “loans” to debt buyers who then harassed consumers for payment.”
The FTC complaint went on to say, “The defendants also allegedly misrepresented the loans’ costs, even to consumers who wanted the loans. The loan documents misstated the loan’s finance charge, annual percentage rate, payment schedule, and total number of payments, while burying the loans’ true costs in fine print. The defendants allegedly violated the FTC Act, the Truth in Lending Act, and the Electronic Funds Transfer Act.”
The FTC proposed settlement “orders extinguish any consumer debt the defendants are owed, and bar them from reporting such debts to any credit reporting agency, and from selling or otherwise benefiting from customers’ personal information.”
The defendants in this particular FTC case are Timothy Coppinger, CWB Services LLC, Orion Services LLC, Sandpoint Capital LLC, Sandpoint LLC, Basseterre Capital LLC, Basseterre Capital LLC, Namakan Capital LLC, and Namakan Capital LLC, and Frampton Rowland and his companies, Anasazi ervices LLC, Anasazi Group LLC, Vandelier Group LLC, St. Armands Group LLC,; Longboat Group LLC, doing business as Cutter Group, and Oread Group LLC, d/b/a Mass Street Group.
The FTC settlement orders impose “consumer redress judgments of approximately $32 million and $22 million against Coppinger and his companies and Rowland and his companies, respectively.”
To get out of your payday loans, read my new book, “How to Kiss Your Payday Loan lender Goodbye” by Royal Paine.
For FTC contact information visit the original FTC Press Release.