Another blog post to further along our campaign against the payday loan industry!! According to the Center for Responsible Lending, payday lenders create their own demand with loan terms that generate rapid re-borrowing. This is termed “payday churning”, or repeat borrowing of what payday lenders market as a short-term loan of a few hundred dollars. [...]
Entries from July 15th, 2009
Half of Repeat Payday Loans Opened Immediately or After 24 Hour Wait
July 15th, 2009 · No Comments · PayDay Loans
Tags: borrower·Center for Responsible Lending·Credit Cards·Fees·interest·paychecks·payday loan industry·PayDay Loans·Video
Banks Can Access Your Social Security Deposits to Cover Overdraft Fees
July 14th, 2009 · No Comments · Banking, Consumer Info
If you live in California and you collect Social Security, it is time to pay better attention to your account balances – because Uncle Sam has decided that the overdraft fees you “owe” the bank can be taken directly from your Social Security deposits. Last month, the California Supreme Court unanimously overturned a billion-dollar class-action [...]
Tags: bank of america·California supreme court decision·insufficient funds fees·Miller versus Bank of America·overdraft fees·Social Security Deposits
Do Collection Agency “Cease and Desist” Letters Prevent Response to Credit Disputes?
July 10th, 2009 · 5 Comments · Collection Agencies, Legal Stuff
The FDCPA was written with an eye towards protecting consumers from collection agency harassment. Under the FDCPA, a collection agency must cease communication with a consumer upon written request from that consumer. Under the Fair Credit Reporting Act, consumers are allowed to directly dispute negative listings with information furnishers. An example of an information furnisher [...]
Tags: cease and desist·collection agency·Consumer Debt·consumers·credit disputes·credit report·FCRA·FDCPA·FTC·information furnishers·investigation request·written request
