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(Guardian)   Evil: Payday loan company sends customers threatening letters from fake lawyers. Evil genius: Then charges extra 'administration fees' for sending them   (theguardian.com) divider line 47
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2469 clicks; posted to Business » on 25 Jun 2014 at 4:21 PM (4 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-06-25 11:34:51 AM
Welcome to Cameron's England
 
2014-06-25 12:16:07 PM
Evil: Payday loan company

Headline could have ended there.
 
2014-06-25 01:05:46 PM
Actually, that would be illegal conduct in a civilized country like the United States:

http://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-pr oc eedings/fair-debt-collection-practices-act-text

§ 807.  False or misleading representations  [15 USC 1692e]
A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The false representation or implication that the debt collector is vouched for, bonded by, or affiliated with the United States or any State, including the use of any badge, uniform, or facsimile thereof.
(2) The false representation of --
...
(3) The false representation or implication that any individual is an attorney or that any communication is from an attorney.

§ 808.  Unfair practices [15 USC 1692f]
A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

(1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.
 
2014-06-25 01:37:14 PM

dittybopper: Actually, that would be illegal conduct in a civilized country like the United States:

http://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-pr oc eedings/fair-debt-collection-practices-act-text

§ 807.  False or misleading representations  [15 USC 1692e]
A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The false representation or implication that the debt collector is vouched for, bonded by, or affiliated with the United States or any State, including the use of any badge, uniform, or facsimile thereof.
(2) The false representation of --
...
(3) The false representation or implication that any individual is an attorney or that any communication is from an attorney.

§ 808.  Unfair practices [15 USC 1692f]
A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

(1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.


Given we haven't hanged pay-day loan people for violating usury laws, we'll see.  It's only illegal when someone calls them on it.
 
2014-06-25 02:09:51 PM
Lying is a kind of free speech.
 
2014-06-25 04:18:13 PM
If you can't pay the interest, defer taking out a dodgy payday loan.  If you don't owe money to these userers you don't have to worry about getting threatening calls or letters.
 
2014-06-25 04:26:04 PM

Diogenes: Lying is a kind of free speech.


If lying was made illegal there would be no talking in Congress.
 
2014-06-25 04:45:10 PM

Prey4reign: If you can't pay the interest, defer taking out a dodgy payday loan.  If you don't owe money to these userers you don't have to worry about getting threatening calls or letters.


Eh, dodgy lenders, dodgy borrowers.  Kind of made for each other in a way.

But yes, if you aren't a dodgy person, stay out of them.
 
2014-06-25 04:49:25 PM
I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.
 
2014-06-25 04:50:45 PM

jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.


Send me $5 and I'll let you in on the secret.
 
2014-06-25 04:53:08 PM

jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.


Water is cheap, so you could always start a homeopathic medicine supply business.
 
2014-06-25 04:56:24 PM

GoldSpider: jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.

Send me $5 and I'll let you in on the secret.


Heh.
 
2014-06-25 04:58:28 PM

GoldSpider: jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.

Send me $5 and I'll let you in on the secret.


Sweet! You are going to have to wait till next week though. I am kinda broke now but next week I will be rolling in dough. I sent my life savings, $5,000 to ... well... I am not supposed to say anything but let's just say he is the "incepray of igeriaNay"....

And long story short... my ship is about to come in!
 
2014-06-25 05:01:30 PM
Well, it was about that time I realized that payday lender was about eight stories tall and was a crustacean from the Mesozoic Era.
 
2014-06-25 05:02:23 PM

jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.


images.christianpost.com
 
2014-06-25 05:03:09 PM

umad: jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.

Water is cheap, so you could always start a homeopathic medicine supply business.


Don't call it medicine.  Call them... "Homeopathic Well-Being Solutions".

If you're willing to sacrifice your profit margins a little bit, you could actually include some ground-up vitamin C pills and some caffeine powder, and some people might actually get a positive effect.  At least they'll be less likely to get scurvy.
 
2014-06-25 05:15:22 PM
meh, wells fargo used to order fake appraisals for your house whenever they felt like a free $300.

(famous bankruptcy case where the eastern district of louisiana popped wells fargo for $5 million for this and other practices.  the appraisal issue was after someone didn't pay on time after katrina, and the bank charged several appraisals that could not have possibly happened because the city was evacuated and entry for an appraiser was near impossible.  the judge was not amused, but i think she also confessed that she was unsure of the damages, since it was clear in her mind, 5 million would do nothing to disincentivize wells fargos conduct.  which, in a sense, destroys the whole point of the sanction.  she went forward with it anyways, but she almost argued herself away from any sanctions because wells fargo was going to ignore her maximum sanctions.)
 
2014-06-25 05:33:43 PM

ArkAngel: Welcome to Cameron's England


Wonga stopped this illigal practice (claiming to be a solicitor when you are not is illegal) in 2010 when Cameron came to power, so this is a legacy of Blair and Brown's Britain


The Labour party let this happen on their watch.
 
2014-06-25 05:45:19 PM

HempHead: Diogenes: Lying is a kind of free speech.

If lying was made illegal there would be no talking in Congress.


Or Faux News channel.
 
2014-06-25 05:57:03 PM
Payday lenders either need to be banned or tightly restricted and not allowed to charge anything close to the interest they currently can.
 
2014-06-25 06:13:28 PM
I worked with some idiots that used payday loans to buy stuff like video games or a new TV. I tried pointing out how much they would have to pay back, but they needed their stuff right now
 
2014-06-25 06:15:28 PM

jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.


Are you charismatic?  Start a cult.  That way the things you say don't even have to make sense.

//downside: screwing up other people's lives
 
2014-06-25 06:16:20 PM
Sounds like the government department of motors. Want to fight your ticket? Pay for the right to do so.
 
2014-06-25 06:18:55 PM

sdd2000: HempHead: Diogenes: Lying is a kind of free speech.

If lying was made illegal there would be no talking in Congress.

Or Faux News channel.


I bet you ran around and got tons of high fives from your friends for that amazing comment.
 
2014-06-25 06:19:00 PM

ArkAngel: Welcome to Cameron's England



that would never happen in the good ole' USA.   our Business/Finance folks are the epitome of Integrity and Principles.
 
2014-06-25 06:19:53 PM

sdd2000: HempHead: Diogenes: Lying is a kind of free speech.

If lying was made illegal there would be no talking in Congress.

Or Faux News channel.



wanna' know how a Lawyer or Congressman is lying??    their lips are moving.
 
2014-06-25 06:24:24 PM

MyRandomName: sdd2000: HempHead: Diogenes: Lying is a kind of free speech.

If lying was made illegal there would be no talking in Congress.

Or Faux News channel.

I bet you ran around and got tons of high fives from your friends for that amazing comment.


MyRandomName: Sounds like the government department of motors. Want to fight your ticket? Pay for the right to do so.


and how many did you get for that gem?
 
2014-06-25 06:24:25 PM
It doesn't what you're doing, trying to impersonate lawyers is going to get you smacked down. At the least. It can also get you arrested.
 
2014-06-25 07:29:29 PM

jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.


Someone I know was a higher-up at one of these companies in Arizona.

He is a souless, compassionless bag of shiat. I suppose that's why he acceled in the industry.
 
2014-06-25 07:37:52 PM
You know you're in a sleazy line of work when loan sharks look more ethical.
 
2014-06-25 07:40:49 PM

palelizard: dittybopper: Actually, that would be illegal conduct in a civilized country like the United States:

http://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-pr oc eedings/fair-debt-collection-practices-act-text

§ 807.  False or misleading representations  [15 USC 1692e]
A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The false representation or implication that the debt collector is vouched for, bonded by, or affiliated with the United States or any State, including the use of any badge, uniform, or facsimile thereof.
(2) The false representation of --
...
(3) The false representation or implication that any individual is an attorney or that any communication is from an attorney.

§ 808.  Unfair practices [15 USC 1692f]
A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

(1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.

Given we haven't hanged pay-day loan people for violating usury laws, we'll see.  It's only illegal when someone calls them on it.


And when they do, they more than likely point to their Indian co-owners and saying "We're tribal! You can't touch us!"

/See Western Scam Sky Financial et al.
 
2014-06-25 08:33:24 PM
Meh. Nothing a Molotov cocktail or two couldn't make right
 
2014-06-25 08:39:24 PM

Raoul Eaton: jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.

Are you charismatic?  Start a cult.  That way the things you say don't even have to make sense.

//downside: screwing up other people's lives


Upside: screwing other people's wives.
 
2014-06-25 09:11:59 PM
Thought this would be an article about Bank of America.
 
2014-06-25 09:22:14 PM

IlGreven: See Western Scam Sky Financial


Wow, that's brutal.
 
2014-06-25 10:18:23 PM
Isn't sending a fraudulent bill considered mail fraud?
 
2014-06-25 10:18:46 PM
4.bp.blogspot.com

Approves.
 
2014-06-25 10:26:18 PM

GoldSpider: jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.

Send me $5 and I'll let you in on the secret.


l.wigflip.com
 
2014-06-25 10:45:48 PM
Lemme guess....this is another one of those "bad apples in capitalism" we keep hearing about?

Companies like this need to be reigned in.
 
2014-06-26 02:04:28 AM

dittybopper: Actually, that would be illegal conduct in a civilized country like the United States:

http://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-pr oc eedings/fair-debt-collection-practices-act-text

§ 807.  False or misleading representations  [15 USC 1692e]
A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The false representation or implication that the debt collector is vouched for, bonded by, or affiliated with the United States or any State, including the use of any badge, uniform, or facsimile thereof.
(2) The false representation of --
...
(3) The false representation or implication that any individual is an attorney or that any communication is from an attorney.

§ 808.  Unfair practices [15 USC 1692f]
A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

(1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.


It's so cute that you think they give a f**k about the law.
 
2014-06-26 08:00:24 AM
Follow the money and see what upstanding ,moral citizens or shareholders own these loan shark storefronts.

// The poor working class have enough problems.
 
2014-06-26 08:24:38 AM

Diogenes: Lying is a kind of free speech.


All you need to do is say you're running for office,or reporting the news, and you can lie all you want. It's been proved in court.
 
2014-06-26 08:39:03 AM
Bank of America ?

/DRTFA
 
2014-06-26 09:08:09 AM

jst3p: I really gotta get into the "fleecing dumb people" line of work. It seems too easy. I wonder what the cheapest way in is.


Ask Drew.
 
2014-06-26 09:35:55 AM
The only difference between payday loans and credit card companies is that the latter have lobbyists. Usury is basically legal in the home states of Biden and Reid, hence why every shady credit card company has a presence there.
 
2014-06-26 12:24:53 PM

sdd2000: HempHead: Diogenes: Lying is a kind of free speech.

If lying was made illegal there would be no talking in Congress.

Or Faux News channel.


Given that Fox has actually sued for the right to lie on the news (and won), basically this.

http://en.wikipedia.org/wiki/Jane_Akre#Whistleblower_lawsuit
 
2014-06-26 12:25:22 PM
PayDay Loans, Collection Agencies and Cred Card Companies are basically the scummiest farks on Earth.

Nemo's Brother: The only difference between payday loans and credit card companies is that the latter have lobbyists. Usury is basically legal in the home states of Biden and Reid, hence why every shady credit card company has a presence there.


Don't forget South Duuuuuuuuukota. They did the exact same thing and hence have loads of these scum based in-state.
 
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