Payday Loan Collection Scam

by Gerri Detweiler

Fight Back Against Debt Collection Scam
Are overseas debt collectors calling you about debts you don't even owe? Find out how to fight back from attorney William Howard with Morgan & Morgan. He's exposed these scammers on major news programs and he'll share his advice for what to do if you get these calls. Episode aired live June 16, 2012.

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Consumers across the country are being contacted by debt collectors about online payday loans. It's a scam! Talk Credit Radio host Gerri Detweiler explains what to do.

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Watch Out!

Here are tip offs that the collector who is calling you is a scammer. If more than a few of these apply, please do not send them money!

  • A heavy foreign accent;

  • Claims to be with a court, law enforcement or the FBI;

  • Threatens arrest;

  • Says you will be prosecuted for check fraud;

  • Wants your address to “serve you” with legal papers;

  • Refuses to send you written notice of the debt as required by law;

  • Emails you notice of the debt and the email comes from a free email like gmail or hotmail;

  • Discloses details of your debt to co-workers, family members who are not cosigners etc.;

  • Demands you wire money immediately or face dire consequences.

If a debt collector is making these kinds of threats, hang up and call your local law enforcement or file a complaint with the Better Business Bureau and/or the CFPB. Do not feel pressured into making immediate payments! Learn more about debt collection scams here.

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