By: Christopher Koegel, Assistant Director, Division of Financial methods | Mar 21, 2016 11:19AM
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WeвЂ™ve learned that portfolios of so-called pay day loan debts serviced by AMG solutions are circulating into the business collection agencies market. The lenders that are alleged USFastCash, 500FastCash, OneClickCash, Ameriloan, United money Loans, AdvantageCashServices, and StarCashProcessing. However these so-called debts are bogus. The customers try not to owe the debts that are alleged in addition to loan providers have not authorized, assigned, or offered any one of their loans for third-party collection.
There might be no doubt why these loans are bogus. The previous general counsel of AMG Services finalized a statement under penalty of perjury within the FTCвЂ™s lawsuit against Delaware possibilities, saying that USFastCash, 500FastCash, OneClickCash, Ameriloan, United money Loans, AdvantageCashServices, and StarCashProcessing loans have not been put with, or offered to, any alternative party for collection.
Therefore, exactly what does all that mean? If you should be in control of just one of the portfolios, usually do not make an effort to gather these debts, or attempt to offer the profile to someone else. If somebody attempts to offer a profile of the debts for your requirements, usually do not purchase it.
Them to someone else, you will likely be violating either the Fair Debt Collection Practices Act, the Federal Trade Commission Act, or both if you do attempt to collect on these debts or sell. Continue reading “Try not to purchase, offer, or collect on these debts”