FTC Helps Stop Debt Collection Operations Attempting To Solicit Allegedly Fake Payday Loan Debts

FTC Helps Stop Debt Collection Operations Attempting To Solicit Allegedly Fake Payday Loan Debts

There are few things more disruptive and frustrating than receiving a phone call demanding you pay a debt. Those feeling are amplified a thousand times when you don’t actually owe a debt. Yet, that was the case for consumers contacted by a Georgia-based company that was recently shut down at the request of the Federal Trade Commission. [More]

"Why are you calling me about Uncle Caranthir's overdue payday loan?" (Photo: Zoomar)

Debt Collection Scammers Calling Victims’ Family & Co-Workers To Squeeze Money From People

A debt collection scam operates on two principles: That lots of us have debt, and that the con artist is good enough at his art to trick some of us into believing we have to pay immediately. But some scammers are bringing outside parties into their grift, contacting victims’ families and co-workers in the hopes that this will result in pressure to pay up on the bogus debt. [More]

Threatening To Blow Up Store With 3 Hydrogen Bombs Is A Tip-Off You Might Be Bluffing

Threatening To Blow Up Store With 3 Hydrogen Bombs Is A Tip-Off You Might Be Bluffing

We’ve told you before about the increasing number of morons who attempt to hold up retail stores by threatening to blow the place up if their demands for a few hundred dollars in prepaid debit cards isn’t met. It’s already a dubious ultimatum that is just asking to be called out as bogus, so escalating it by, I dunno, saying you have multiple hydrogen bombs at the ready, isn’t going to help make your case. [More]

Bank Of America Agrees To Scan For Illegal Payday Lenders In NY

Bank Of America Agrees To Scan For Illegal Payday Lenders In NY

Payday lending is illegal in more than a dozen states, including New York, but some lenders manage to fly under the radar by operating online or hiding their loans as part of another business. In an effort to crackdown on loans that violate state laws, New York has created a database for banks to use to help identify sketchy lenders, and Bank of America — no stranger to the issue of questionable loans — is the first to sign on. [More]

The Mad Genius Behind The Rebirth Of Hydrox, Astro Pops And Maybe Marshall Field’s

The Mad Genius Behind The Rebirth Of Hydrox, Astro Pops And Maybe Marshall Field’s

We’ve all felt the sting of losing a beloved brand when a company goes out of business, stops making your favorite candy or gets sold off bit by bit to the highest bidder. But what if you could resurrect those treasured relics of days gone by and bring them back anew? And how would it even be possible? [More]

This Is One Of The Scammiest Payday Loans We’ve Ever Seen

This Is One Of The Scammiest Payday Loans We’ve Ever Seen

Many payday loans have confusing terms and questionable fees that end up costing the borrower a lot more than they’d planned on when they took out the short-term loan. But it’s mind-boggling how one predatory lender managed to squeeze money from borrowers through an automatic opt-in renewal program that turns a $300 loan into $975 worth of payments in only a few months. [More]

(Mark Turnauckas)

100 People Waited In A Rainy Line For 24 Hours To Score Free Chick-fil-A For A Year

What would you do for 52 free meals? Would you forgo the delights of home and sleeping in your own comfortable, dry bed to camp in line overnight through the rain? Because that’s what 100 people hungry for free Chick-fil-A did in Baltimore. [More]

SCOTUS Decision Proves States Have Power Over Payday Lenders Claiming Tribal Affiliation

SCOTUS Decision Proves States Have Power Over Payday Lenders Claiming Tribal Affiliation

While a U.S. Supreme Court decision yesterday in the case of a Michigan Native American tribe’s allegedly illegal casino appears to have nothing to do with payday lending, experts say it’s a game changer in states’ efforts to rein in the often predatory industry. [More]

CFPB Report Confirms Payday Lenders And Debt Collectors Are The Worst

CFPB Report Confirms Payday Lenders And Debt Collectors Are The Worst

For decades, payday lenders and debt collectors did their work while being largely ignored by federal financial regulators. And a new report from the Consumer Financial Protection Bureau, which recently gained oversight authority over the largest of these businesses, calls out many of the sketchy, sometimes illegal, practices some in these industries have been getting away with for far too long. [More]

Bill Would End Door-Slot Mail Delivery For 15 Million Addresses, Save USPS $2 Billion Annually

Bill Would End Door-Slot Mail Delivery For 15 Million Addresses, Save USPS $2 Billion Annually

A bill that would phase out door-to-door mail delivery over the next decade passed its first hurdle on the way to becoming a law. [More]

(Kevin Dean)

FTC Shuts Down Texas Debt Collector Who Threatened To Arrest Consumers

Debt collection is a generally unsavory operation. Thankfully, there’s now one less scummy, lying collector calling consumers. A Houston-based company is out of business and must pay $1.4 million after being charged with unsavory practices. [More]

Banks Inside Walmart Stores Lead Nation In Raking In Fees From Customers

Banks Inside Walmart Stores Lead Nation In Raking In Fees From Customers

A number of different banks operate branches inside more than 1,000 Walmart stores in the U.S., and many of these banks market themselves to consumers who may not be targeted by larger institutions because of low income or lack of savings and credit. A new analysis of the institutions most frequently found at Walmart found that these banks are also the most reliant on charging fees to their customers. [More]

Stories You Might Have Missed Because You Were Too Busy Being Awesome

Stories You Might Have Missed Because You Were Too Busy Being Awesome

We post a lot of stories during the week, and we know that most of you have jobs, families, lives, hobbies, nagging itches and other more important things to do than read every single thing we write. So for those who might be playing catch-up on the weekend, here are some of the things you might have missed… [More]

Payday Lenders Can’t Use Tribal Affiliation To Garnish Wages Without Court Order

Payday Lenders Can’t Use Tribal Affiliation To Garnish Wages Without Court Order

For years, a handful of sketchy payday lenders have been using purported affiliations with tribal lands to try to skirt federal and state laws. But courts and regulators have recently been cracking down on these operations, saying that a tribal connection does not shield a business from prosecution. One operation facing charges from the Federal Trade Commission has now agreed to pay nearly $1 million in penalties over charges that it illegally garnished borrowers’ wages and wrongfully sued them in tribal courts. [More]

Believe It Or Not, Outlawing Payday Loans Will Not Lead To Looting & Pillaging

Believe It Or Not, Outlawing Payday Loans Will Not Lead To Looting & Pillaging

Critics of payday lending say the practice traps many borrowers in a debt spiral, forcing them to take out additional loans to pay back the first. Yet these short-term loans do have proponents (many of them profiting from the industry) who claim that without this pricey option for quick cash, desperate consumers will turn to more unsavory means, leading to increased crime rates and other doom and gloom predictions. But does that really happen? [More]

CFPB Receives Double The Consumer Complaints In 2013, But Sought Fewer Explanations

CFPB Receives Double The Consumer Complaints In 2013, But Sought Fewer Explanations

The Consumer Financial Protection Bureau heard a lot from consumers in 2013. The agency received the most complaints in its history, including those from three new areas – payday loans, money transfers and debt collections. But it appears that fewer complaints were sent to offending companies for review and response. [More]

Stories You Might Have Missed Because You Were Too Busy Being Awesome

Stories You Might Have Missed Because You Were Too Busy Being Awesome

We post a lot of stories during the week, and we know that most of you have jobs, families, lives, hobbies, nagging itches and other more important things to do than read every single thing we write. So for those who might be playing catch-up on the weekend, here are some of the things you might have missed… [More]

(eyetwist)

CFPB In “Late Stages” Of Working On Rules To Stop Predatory Payday Lending

Lisa took out a payday loan to help pay her rent. When she couldn’t repay the loan after 14 days she rolled it over, bringing her total debt to $800. After repaying more than $1,400, she remains stuck in the revolving door of debt associated with payday lending. It’s stories like these that the Consumer Financial Protection Bureau aims to stop with new rules to regulate the payday loan industry. But those in the payday industry say Lisa should have simply known better. [More]