We don’t hide our utter contempt for Payday Loan Companies. At Michigan Consumer Credit Lawyers, we think they are scum. They charge interest rates that no one, who didn’t absolutely need the cash would pay, often in the triple digits. They repeatedly call and harass consumers and when they don’t get their money, they assign the debt to off shore losers.
These out of the country losers call consumers to threaten them with the most horrendous lies. For example, we have heard consumer complaint that these off shore debt collectors call and misrepresent themselves as lawyers and police officers, and threaten to have the consumers arrested. These out of country losers can call and threaten consumers because they are not subject to our laws. We can’t sue a debt collector in Bermuda. Its frustrating and the payday loan companies know this.
Well here is one more reason why you should not do business with a payday loan company. They may sell your personal information to others who may use it to steal your identity. The Federal Trade Commission has filed a lawsuit recently against a payday loan company for doing that very thing. One company, Ideal Financial Solutions, Inc. ( the name along is cringe-worthy), according to the FTC complaint, used a consumer’s information that it purchased, to illegally withdraw money out of consumers’ bank accounts. The Defendants in the complaint are all accused of purchasing and re-selling consumer’s payday loan applications which contain their name, address, social security number and banking information, and selling this information to whoever was willing to pay for it. The buyers could be charlatans, identity thieves, punks, rats and any other low form of life. Sadly, many of the payday loan applications were sold to these third parties for $0.50. Yep, for half a buck, your identity could be stolen too.
We receive lots of phone calls from people harassed by payday lenders and their off shore loser debt collectors. There is really not much we can do to help them other than instruct them to tell the off shore losers to get lost. The best way to avoid contact with these vermin is not to do business with them. This is just one more good reason not to take out a payday loan.
If you have been victimized by a debt collector or have items on your credit report that are incorrect, call or email Attorney Gary Nitzkin at [email protected] for a free consultation at (888) 293-2882. For more information about your credit rights as a consumer, visit our website at www.micreditlawyer.com for informative, how to videos on consumer financial protection. We are here to fight for you. Call us today! 888-293-2882