CashWise Blog

While nobody likes a call from a debt collector, receiving a call from a fake is even worse. In an emerging trend, scammers are posing as payday loan debt collectors and frightening individuals into paying “debts” they never owed.

Ohio Attorney General Richard Cordray has offered some great advice on how to ensure you don’t get caught in the same trap, while putting those scammers back on their heels:

Some red flags in identifying this scam include:

• Refusal to provide the consumer with supporting documentation of debt allegedly owed.
• Callers claim to be representatives from “U.S. Cash.”
• Repayment required through wiring or wire transfer of payments.
• Threats of retaliation if the debt is not immediately repaid.

Cordray advises [individuals] to know their rights under the federal Fair Debt Collection Practices Act (FDCPA), which requires debt collectors to send consumers a written “validation notice” listing the amount of debt a consumer owes within five days of first contact. In turn, consumers have the right to request validation of a debt by sending the collector a letter.

The FDCPA can be reviewed in full here.

Cash Central appreciates your patronage and the ability we have to offer you peace of mind that comes from knowing you have access to short-term funds when you need them. Recent financial reactionism and subsequent legislation, however, are threatening your access to peace of mind and threaten to shut down short term loans– a financial service that has helped millions over the years.

Currently, regulatory reform legislation (in the form of the Community Financial Protection Agency–CFPA) is being politically rushed for a vote and has the very real potential to cause Cash Central and all other short-term payday lenders to close their doors—not only cutting off your access to convenient and accessible short term cash, but also putting more than 50,000 people out of work across the country. The next few days and weeks are critical in making your voice heard.

To contact your Senators, click here and find your senator by entering your state. Click on the appropriate contact link and fill out the contact form with a message that explains your feelings regarding the need for cash advances, short term loans, etc.—and that you do not want this right to be taken away by the government in this new piece of over-reaching legislation.

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