They’re out to get you. They want your money. They don’t think you know they are out there. If you listen to them you could be cheated out of hundreds of dollars or even more.
They are the pay day loan scam artists, and they hope you don’t know the law. If you don’t, you just might believe them when they say they are sending someone to arrest you if you don’t pay a certain amount of dollars immediately. The law, however, will not allow such an action. The person you are talking with may say he is with the Federal Legislation of Unsecured Loans. He may say he is with the Financial Accountability Association. He may say he represents a group of lawyers. He may say he is with a different company.
He may tell you that you have to pay your debt by credit card. He won’t accept cash. He won’t allow you to make payments on your debt. He might not even know the exact amount of your debt. The amount he tells you that you owe may be around the amount you borrowed, but it may be more. He may tell you the additional amount is for interest or some kind of “fee.” If any of these things happens to you, don’t fall for this scam.
The truth is that according to the Fair Debt Collections Act, as reported on the official website of the Federal Trade Commission, a debt collector may not falsely claim to be an attorney to obtain money owed by a debt. It is illegal for him to claim to represent the Federal government, to claim to represent the state government, or to claim to take any legal action which he legally may not be take, including throwing you in jail. He is breaking the law if he falsely claims you have committed a crime, or repeatedly harasses you with phone calls, or threatens physical violence against you. If anyone has done any of these things for a debt you owe, that “debt collector” has broken the law. He is a scam artist.
Pay day loan companies often sell the right to collect debt to a company. Such companies usually accept payments. Whatever you do, don’t give your credit card or bank information to anyone who does any of these things.
According to the website of the Better Business Bureau, there are often scam artists who call people, threatening to have them arrested, if they don’t repay a pay day loan that is up to $1,000. Anyone who calls will sound believable. You may believe him because he knows the names of your business associates or the name of the company you work for. He may even know some of your banking numbers.
What should you do if someone has unsuccessfully, or even successfully, tried to pull a pay day loan scam on you? Some online lawyers say one thing you should do is to report the scam artist to the Federal Trade Commission. You could also file an online complaint with the Better Business Bureau. In this way, you will be helping others to know about the scam. Your state attorney general’s office can also tell you about state laws, and whether the scam artist has violated any.
There are scam artists who want your money. If you know about them, you can avoid being a victim.
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nice post!
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