By: Christopher Koegel, Assistant Director, Division of Financial methods
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WeвЂ™ve learned that portfolios of alleged loan that is payday serviced by AMG solutions are circulating within the commercial collection agency 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 usually do not owe the so-called debts, therefore the loan providers have not authorized, assigned, or offered any one of their loans for third-party collection.
There may be without doubt why these loans are bogus. The previous basic counsel of AMG Services finalized a statement under penalty of perjury into 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, just what does all that mean? If you’re in control of just one of the portfolios, usually do not try to gather these debts, or attempt to offer the profile to someone else. If somebody attempts to offer a profile of these debts for you, usually do not purchase it.
Should you choose try to collect on these debts or offer them to another person, you will probably be breaking either the Fair business collection agencies methods Act, the Federal Trade Commission Act, or both. Continue reading