Hello. Just a new warning. I received a call today from a company called Legal Research Group in Houston, TX. They also called me my sister and said that if I did not pay them $ 1600 right away that I would be arrested and that there were 2 warrants out for my arrest. Their number is 832-706-3791 and the guy goes by Ryan Adams and Adam Ryan depending on which time he picks up the call. They answer “Compliance Department” and switch back to “departments”. When I asked them to email me the paperwork and detail, they said they were not allowed to. They said they would email me all the info once I gave them the payment information. When I started to challenge them on it they hung up. To catch them, I called back and said that I would go ahead and pay (just to see how they reacted). They were REALLY excited. Then I started to act nice and ask them for details that they could not give. Then I asked them for their company name and address and they just hung up. SCAM !! I called a filed complaint with the FTC.
A “Russell Florence” left me threatening voice mail warning me that I would be getting useful paperwork next week from two complaints filed against my SS # (the SS # was not verified on the message)
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They are so far breaking the law. I have not received a written statement regarding the debt of these payday loans. and they have threatened dire consequences multiple times (number 5 in your article), they definitely call earlier
DeYOUNG: Borrowing money is like renting money. You have to use it for a few weeks. You could rent a car for two weeks, right? You get to use that car. Well, if you calculate the annual percentage rate on that car rental – that means that you divide the amount you pay on that car by the value of that automobile – you get similarly high rates. So this is not about interest. This is about short-term use of a product that’s been lent to you. This is just arithmetic.
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Tricia, I get about 3 of those phone calls a week. Just ignore them and you will find about 10 more “final warnings”. They will stop calling you once they realize that their scare tactics are not working. If they were really going to serve you they would just do it rather than call you on the phone and tell you first. I was served a summon from bill collectors on two occasions and I did not have a warning call from any of them.
Beware folks. The first letter I got, they wanted 1300. and used a old address from 2003 and the supposed date of the debt was 2007 !! I did not even live there in 2007! The second letter I got was for 984.00 and they would call the DA if I did not pay up.
Same thing happened to me the same name and number on my phone. The number to get in touch with Ms. Ingram is 1-877- 258- 1188. When asked the name of this company they refused to give information and hung up. Names used are Ms. Barry, Ms. Ingram, and today Ms. Rios. They are threatening me with wage garnishment etc. They refused to give the name of and original debtor. I have no recollection of oweing. Need to know who to call to stop this.
Beth – I
I’ve been getting this guy “Mike Laursen from statewide mediation” saying I’m on payday loan back in 2013 I have not got a payday loan I’ve looked but did not do this guy was calling me from 2 different numbers (855 -201-4847 and 877-343-4510) then when I told him it was fraud he was calling with an unknown number he got $ 45 from me but i talked with my local police about this he said it waS
In a vicious cycle, the higher the permitted fees, the more stores, the lesser customers each store serves, so the higher the fees need to be. Competition, in other words, does reduce profits to lenders, as expected – but it seems to carry no benefit to consumers, at least as measured by the rates they are charged. (The old loan sharks may have been able to charge lower rates because of lower overhead, although it’s impossible to know.) Mayer thinks the explanation may have more to do with the differences in the customer base: Because alternative alternatives were sparse back then, these lenders served a more diverse and overall more creditworthy set of borrowers, so default rates were likely lower.)
This new collection agency calls itself Robert Anderson Associates (ph: (844-260-5843) and they have purchased the old debt and claim that I now owe $ 2,300 for a loan that was originally $ 300 and paid down to $ 150. The man said that They would accept $ 311 today only. “Cindy” called back and said the same thing, threatening me with legal action and wage garnishment. When I told her that I wanted to get legal advice, she hung up.
DEYOUNG: I had written that paper, and had I know 100 percent of the facts about where the data came from and who paid for it – yes, I would have disclosed that. I do not think it’s one way or the other in terms of what the research found and what the paper says.
Thank you very much for this site and answer to me because after reading some people stories I called him back and ask more questions then told him that I would handle it in court that would not be getting any money from me and hung up about 1 hour later got another call from a different number saying that I would be receiving a summons for court these people are a big scam smh.
DeYoung also argues that most payday borrowers know exactly what they’re getting into when they sign up; that they’re not unwitting and desperate people who are being preyed on. He points to a key piece of research by Ronald Mann; That’s another co-author on the New York Fed blog post.
But if the only explanation for high rates were that lenders can, so they do, you would expect to see an industry awash in profits. It is not, especially today. Ernst & Young released a study, commissioned by the Financial Service Centers of America, to find that the ‘average profit margin before tax and interest was less than 10 percent. (For the sake of comparison, over the past five quarters, the consumer-financial-services industry has averaged a pre-profit profit rate of more than 30 percent, according to CSIMarket, a provider of financial information.) A perusal of those financial statements that are public confirms a simple fact: As payday lending exploded, the economics of the business worsened-and are today no better than middling. The Community Financial Services Association argues that at 36 percent rate cap, the one in place for members of the military, is a death knell because payday lenders can not make money at that rate, and this seems to be correct. In states that their rates are at 36% per year or lower, the payday lenders vanish. In New York, which caps payday
Hey I’ve been getting calls from a bryan agent claiming to be from The Fraudulent Investigation Department. Number is 3474180337. He had a thick accent. He has threatened to come arrest me at my work place. Has anyone else heard of this company. Are they scanners? Also second company I missed the name but number number is 6303320770. This guy name was adam woods. He has been threatening me all day I have to go to western union and transfer money to them. I believe this is a scam. He says I will be arrested if I do not. Any suggestions
my fiancé has been getting phone calls from someone saying he is an official mike Johnson from 810-223-0563 said he got a loan for $ 300 over the internet but he did not. he applied for some loans but because his credit is bad and no bank account he could not get one. this guy says he got one but he told us where he was from and like most of you he had his name ss # where he works and is threating to have him arrested. We talked to a cop who said that if we had applied for a loan even over the internet they would have mailed out paperwork anyway with PAYMENT OPTIONS and how long you had to pay it back we got nothing and the pretend cop will not give us the It’s a good idea that we have a lot of money, but we have no money for it. what do you do when they keep threatening you and you have no idea what they are talking about.
sure now it was a scam.
You can do all of us should do – check your credit reports and scores regularly. Given the number of data people are required to give Social Security numbers, we are all at some risk. We wrote about somewhat similar situation here: Help! Someone Is Using My Social Security Number
6pm rcvd calls repeatedly from Michael Moore of “Fraud Office” trying to collect a debt from November 2008, which I’m sure I do not have to Money and More. Alledges, to Jasmine Wright and Maria Sanches that I have commited fraud and a warrant would be issued for my arrest if I do not send $ 1107.15 thru Money Gram and am harrased to send it immediately or expect to be arrested by 8am the next day . After several calls from my attorney to the # 5133994987, left messages, etc., no calls for a few hours now.
My husband got a call from BG capital they said they were in New York but who really knows. The gentleman sd he was an investigator w
Hello I hope someone can help me please. I received A call from a guy saying he’s from Empire Mediation & Arbitration Service LLC. That they are taking me to court for defaulting on a payday loan with check n go. That I’m going to face a judge and there’s asking 2815 but if I pay today they’re willing to settle for 412.50. Originally my loan was 255.00. witch I got in 2008. I told them to send me a validation debut letter he said I can email you a settlement letter that they supposedly sent me a while ago. They had my old address But I never got anything because my mom lives there. So there is a saying that I’m going to get served with court papers and I have to face a judge also they want 2,815.00 for fees. Does this sound right please help. I called check n go they said they sold my case in 2009 and they have nothing to do with my case no more and that they are not suing me But they do not know who else has my case since the company they sell it too went out of business. Please help I must pay the 412.50. I do not work or have the money sine I take acre of my daughter who had cancer. Thank you
here in the states. Pretty much the same crap right now it’s from the homeland. Recently it has been from Obrien, Wexler and Associates 877-334-5288. They called my home and left a message, called my cell, called work and even called my brother that I’m not sure how they got his number. I wonder if they searched it because it has never been on a payday loan app.
This is a common tactic that is used to scare you into pay without questioning the validity of the debt. There are laws in place that protect you from debt collectors and they have to abide by those laws (if they are legitimate and not scams). For more on what to do and say when a debt collector calls, this resource will help: What to Do if Debt Collector Calls
It may seem inconceivable that a company could not make money collecting interest at a 36 percent annual clip. One reason it’s true is that default rates are high. A study in 2007 by two economists, Mark Flannery and Katherine Samolyk, found that defaults account for more than 20 percent of operating expenses at payday-loan stores. By comparison, loan losses in 2007 at small U.S. commercial banks accounted for only 3 percent of expenses, according to the Kansas City Fed. This is not surprising, given that payday lenders do not look carefully at the borrower’s income, expenses, or credit history to ensure that she can repay the loan: That underwriting process, the bedrock of conventional lending, would be ruinously expensive when applied to a $ 300, two-week loan. Instead, lending to the borrower’s checking account-but if that’s empty due to other withdrawals or overdrafts, it’s empty.
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