Category Archives: Safe Online Payday Loans

FTC Mails Refunds to Pay Day Loan Ripoff and Debt Settlement Ripoff Victims

FTC Mails Refunds to Pay Day Loan Ripoff and Debt Settlement Ripoff Victims

The Federal Trade Commission is mailing checks to customers whom dropped target to an so-called pay day loan scam plus a debt relief scam that is alleged. Within 60 days if you receive a check from the FTC, please cash it.

CWB Solutions Cash Advance Scam

In accordance with the FTC, it really is mailing checks worth an overall total of $2.9 million to almost 73,000 customers whom destroyed money in a loan that is payday presumably perpetrated by a business called CWB Services and associated defendants.

The CWB defendants allegedly produced payday that is fake agreements making use of economic information they bought from 3rd events after which took costs away from consumers’ bank accounts without their authorization.

The FTC additionally alleges that the CWB defendants deceived consumers concerning the price of the payday advances, even yet in situations by which a consumer really authorized the loan. Lenders allegedly informed customers that the full total payments in the pay day loan would add just the principal along with a finance charge that is one-time.

But, the CWB defendants allegedly withdrew payments that are biweekly customers’ accounts, but would not place some of these re re payments toward the main. In place, customers had been making interest-only repayments with no end up in sight unless they contested the payments or paid off their loans.

Year the FTC reviewed bank records and determined that the CWB defendants scammed consumers out of $49 million in less than one. (more…)FTC Mails Refunds to Pay Day Loan Ripoff and Debt Settlement Ripoff Victims