Usually do not purchase, offer, or gather on these debts
By: Christopher Koegel, Assistant Director, Division of Financial methods
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WeвЂ™ve learned that portfolios of so-called cash advance debts serviced by AMG solutions are circulating into the business collection agencies market. The so-called loan providers are USFastCash, 500FastCash, OneClickCash, Ameriloan, United Cash Loans, AdvantageCashServices, and StarCashProcessing. However these debts that are alleged bogus. The customers usually do not owe the so-called debts, plus the lenders have not authorized, assigned, or offered any one of their loans for third-party collection.
There is 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, exactly what does all that mean? If you’re in control of 1 of those portfolios, never make an effort to gather these debts, or you will need to offer the profile to someone else. If somebody attempts to offer a profile among these debts for you, try not to purchase it.
When you do make an effort to collect on these debts or offer them to somebody else, you will probably be breaking either the Fair commercial collection agency tactics Act, the Federal Trade Commission Act, or both. Certainly, the FTC has recently sued one commercial collection agency business for, among other items, continuing to get on a single among these portfolios after being informed by AMG that the loans had been bogus.
When you have any information regarding portfolios of purported USFastCash, 500FastCash, OneClickCash, Ameriloan, United money Loans, AdvantageCashServices, or StarCashProcessing cash advance debts being bought, offered, gathered upon, or peddled, be sure to contact Michael Goldstein at or 202.326.3673. (بیشتر…)