Use These Short Cuts & Break Free
Does this scenario sound familiar? Your latest credit card statement comes in the mail, and there's an error. You know that it needs to be dealt with, but for some reason you keep putting it off. Then it hits you. The reason for your procrastination is that you just cannot bear the thought of calling "customer service". Just the idea of facing a telephone maze of pressing buttons and repeating personal information over and over again is so daunting, so loathsome, you actually consider just paying the charge.
The good news is your days of wallowing through the Dante's Inferno of customer service phone systems are over. Thanks to a computer programmer/blogger named Paul English, you can now talk to a real human being in a fraction of the time. You see, Paul and his Internet friends have taken the time to compile a list of some major companies along with shortcuts you can use to reach an operator on their systems.
To see Paul's entire list of company phone numbers and instructions, simply log on to www.gethuman.com. You may even want to create a bookmark to the website on your computer both at home and at work.
Mr. English is completely dedicated to the customer service cause. Along with publishing this potentially time-saving information, Paul provides the ability to rate a company's customer service and allows anyone with information about bypassing customer service phone menus to contribute what they know.
Companies are constantly changing their phone systems, so Paul's list is always in flux. Lucky for us, the most current information is only an Internet connection away.
provided by Capital Mortgage Solutations
Sunday, November 20, 2011
Friday, October 28, 2011
How Interest Rates Affect Your Costs
If you have good credit, you are probably under the impression that your credit card is a pretty good deal. If you have bad credit, you know your credit card rates, fees, and service charges aren’t as good as someone sporting a niftier credit history than yours, but do you know exactly how much better off your credit card statements could look?
Unless you have an advanced degree in accounting economics and like doing recreational math problems, then you are probably like the rest of us: paying off your credit cards a bit at a time hoping to see your efforts chip steadily away at your balance until it reaches zero. Running the numbers might surprise you. Doubling your minimum payment is great, but might not give you the expected pay off and pay down power you are after.
It is great news for the vast majority of the population whose definition of employment or enjoyment does not include the computation of compound interest; however, there are those brainiacs who are just weird in their love of complex math. They can do the math for us. One such example assumes a credit card debt of $5000 paid off in one year’s time. If your interest rate is set at 5%, your payment will need to be $428.04 monthly to guarantee a zero balance in one year’s time. In the end, you will have paid $136.48 in interest charges. Not too shabby, but if your credit isn’t stellar, there is no way your interest rate is set at a paltry 5%.
One of the realities of having bad credit is that when you are able to find a company willing to extend you a credit line, you will pay much higher interest rates for it. A common interest rate for poor credit is 21% or more. This makes the same $5000 dollar debt look very different. To pay it off in the same 12 months, your payments are now over $37.00 higher per month at $465.57. But the increase in the monthly payment is a mere love tap when compared to the bulked up total in interest charges. At 21% interest, you would end up paying $586.84, which is $450.36 more than the good credit rate of 5% winds up paying for the same $5k. Interest rates don’t cap at 21% either. Some bad credit cards carry interest fees of 29-35% or more.
Don’t get too smug if your interest rate is closer to the 5%, because that is not a guarantee it will always be that way. One late payment could send your interest rate rocketing up to that 29% rate in a matter of one billing cycle. If you don’t believe it, check the fine print that comes with your statement each month. Penalties and interest charges due to mismanagement of your account are printed there, and they can be downright scary.
Higher interest rates are not the only measure of a credit card for good credit vs. a credit card for bad credit. To compare other fees and account charges click the graphic to the left.
In the end, the only real way to be certain your credit card payments will stay low, interest fees remain manageable, and a credit score will improve or stay high is to keep on top of your credit accounts. Paying them off in full each month is best, and being certain to avoid extending your credit beyond your income will keep you sitting pretty.In the end, the only real way to be certain your credit card payments will stay low, interest fees remain manageable, and a credit score will improve or stay high is to keep on top of your credit accounts. Paying them off in full each month is best, and being certain to avoid extending your credit beyond your income will keep you sitting pretty.
http://www.creditloan.com/blog/2011/08/24/how-interest-rates-affect-your-costs/
Unless you have an advanced degree in accounting economics and like doing recreational math problems, then you are probably like the rest of us: paying off your credit cards a bit at a time hoping to see your efforts chip steadily away at your balance until it reaches zero. Running the numbers might surprise you. Doubling your minimum payment is great, but might not give you the expected pay off and pay down power you are after.It is great news for the vast majority of the population whose definition of employment or enjoyment does not include the computation of compound interest; however, there are those brainiacs who are just weird in their love of complex math. They can do the math for us. One such example assumes a credit card debt of $5000 paid off in one year’s time. If your interest rate is set at 5%, your payment will need to be $428.04 monthly to guarantee a zero balance in one year’s time. In the end, you will have paid $136.48 in interest charges. Not too shabby, but if your credit isn’t stellar, there is no way your interest rate is set at a paltry 5%.
One of the realities of having bad credit is that when you are able to find a company willing to extend you a credit line, you will pay much higher interest rates for it. A common interest rate for poor credit is 21% or more. This makes the same $5000 dollar debt look very different. To pay it off in the same 12 months, your payments are now over $37.00 higher per month at $465.57. But the increase in the monthly payment is a mere love tap when compared to the bulked up total in interest charges. At 21% interest, you would end up paying $586.84, which is $450.36 more than the good credit rate of 5% winds up paying for the same $5k. Interest rates don’t cap at 21% either. Some bad credit cards carry interest fees of 29-35% or more.Don’t get too smug if your interest rate is closer to the 5%, because that is not a guarantee it will always be that way. One late payment could send your interest rate rocketing up to that 29% rate in a matter of one billing cycle. If you don’t believe it, check the fine print that comes with your statement each month. Penalties and interest charges due to mismanagement of your account are printed there, and they can be downright scary.
Higher interest rates are not the only measure of a credit card for good credit vs. a credit card for bad credit. To compare other fees and account charges click the graphic to the left.
In the end, the only real way to be certain your credit card payments will stay low, interest fees remain manageable, and a credit score will improve or stay high is to keep on top of your credit accounts. Paying them off in full each month is best, and being certain to avoid extending your credit beyond your income will keep you sitting pretty.In the end, the only real way to be certain your credit card payments will stay low, interest fees remain manageable, and a credit score will improve or stay high is to keep on top of your credit accounts. Paying them off in full each month is best, and being certain to avoid extending your credit beyond your income will keep you sitting pretty.
http://www.creditloan.com/blog/2011/08/24/how-interest-rates-affect-your-costs/
Monday, October 24, 2011
More Evidence Links Tanning Beds to Higher Skin Cancer Risk
MONDAY, Oct. 24 (HealthDay News) -- Roughly 10 percent of Americans continue to use indoor tanning beds, but new research suggests that doing so increases their risk for three common skin cancers, including basal cell carcinoma, squamous cell carcinoma and melanoma.
In conducting the study, researchers tracked the tanning bed use of more than 73,000 nurses -- first during high school and college, and then when the women were between 25 and 35 years of age.
The study found that tanning beds increased skin cancer risk over time, with a "dose-response effect." That means the more visits to the tanning salon, the higher the woman's risk for skin cancer.
Compared with women who didn't use tanning beds, the risk for basal cell carcinoma and squamous cell carcinoma jumped 15 percent for every four visits to an indoor tanning bed each year. The risk for melanoma, the deadliest form of skin cancer, also increased by 11 percent.
Exposure in youth seemed most hazardous. "Use during high school/college had a stronger effect on the increased risk for basal cell carcinoma compared with use during ages 25 to 35," noted study author Dr. Mingfeng Zhang, a research fellow in the department of dermatology at Brigham and Women's Hospital and Harvard Medical School in Boston in a news release.
Numerous studies conducted over the past few years have shown strong associations between tanning bed use and skin cancer. In March of 2010, a advisory panel to the U.S. Food and Drug Administration recommended a ban on indoor tanning by minors, and last February the American Academy of Pediatrics issued a statement supporting such a ban.
The study authors agreed that the findings have public health implications for prevention of all three types of skin cancer.
"[They] can be used to warn the public against future use of tanning beds and to promote restrictions on the indoor tanning industry by policymakers," said Zhang.
The researchers said they plan to investigate the link between skin cancer and tanning bed use over a longer timeframe.
The study was slated for presentation on Monday at the International Conference on Frontiers in Cancer Prevention Research, sponsored by the American Association for Cancer Research. Findings presented at medical meetings have not undergone peer review and are usually considered preliminary.
More information
The U.S. Food and Drug Administration provides more information on the dangers of indoor tanning.
In conducting the study, researchers tracked the tanning bed use of more than 73,000 nurses -- first during high school and college, and then when the women were between 25 and 35 years of age.
The study found that tanning beds increased skin cancer risk over time, with a "dose-response effect." That means the more visits to the tanning salon, the higher the woman's risk for skin cancer.
Compared with women who didn't use tanning beds, the risk for basal cell carcinoma and squamous cell carcinoma jumped 15 percent for every four visits to an indoor tanning bed each year. The risk for melanoma, the deadliest form of skin cancer, also increased by 11 percent.
Exposure in youth seemed most hazardous. "Use during high school/college had a stronger effect on the increased risk for basal cell carcinoma compared with use during ages 25 to 35," noted study author Dr. Mingfeng Zhang, a research fellow in the department of dermatology at Brigham and Women's Hospital and Harvard Medical School in Boston in a news release.
Numerous studies conducted over the past few years have shown strong associations between tanning bed use and skin cancer. In March of 2010, a advisory panel to the U.S. Food and Drug Administration recommended a ban on indoor tanning by minors, and last February the American Academy of Pediatrics issued a statement supporting such a ban.
The study authors agreed that the findings have public health implications for prevention of all three types of skin cancer.
"[They] can be used to warn the public against future use of tanning beds and to promote restrictions on the indoor tanning industry by policymakers," said Zhang.
The researchers said they plan to investigate the link between skin cancer and tanning bed use over a longer timeframe.
The study was slated for presentation on Monday at the International Conference on Frontiers in Cancer Prevention Research, sponsored by the American Association for Cancer Research. Findings presented at medical meetings have not undergone peer review and are usually considered preliminary.
More information
The U.S. Food and Drug Administration provides more information on the dangers of indoor tanning.
Friday, October 7, 2011
Six Tips for Early Retirement
With all the concerns about the economy and creating new jobs, is it crazy to be thinking about taking early retirement? Maybe not. Here are a few tips to consider should retiring early be a goal of yours. | ||
 | Start early. Establish your desire to retire early as soon as possible. Make sure both you and your spouse favor the same retirement date goal. With this stated goal, meeting savings targets and establishing spending priorities gets much easier. |  |
 | Know what you want to do. Often if you have a dream that can be fulfilled in retirement, it makes any hardships to get there more tolerable. Perhaps you've always wanted to visit the national parks while you're still mobile enough to enjoy them. Once you set this goal, creating a plan to get there will have more meaning. | |
 | Pay yourself first. People who retire early have savings rates in excess of 10% of their income. This might mean holding off on a big vacation once in a while, but the long-term dividend is worth it. The larger your savings becomes, the more flexible you are in acquiring assets that generate more wealth for you. | |
 | No debt and credit cards paid in full. It's hard to retire early if you are making large loan payments. Having a mindset to save money before you buy something versus taking out loans is the way to go for prospective early retirement. Why pay the credit card company interest when you could use that money for your non-working days? | |
 | Financial independence mindset. Save enough to not have to worry about Social Security or other government programs to take care of you. Said another way, never over spend your own resources as you will need to depend on yourself and not others for your financial independence. | |
 | Use common sense in investing. Many investment alternatives today no longer make financial sense when compared to the income potential of the underlying asset or property. For example, if you purchase rental property, make sure it cash flows at reasonable rent rates. If you use common sense, more of your investments may help generate income, even in retirement. | |
Even if you decide not to retire early, creating a plan as if you will retire early provides much added financial freedom should you have an unexpected job loss or other financial surprise. While this list is not meant to be all-inclusive, it should help start the conversation toward your early retirement dream.
The Rise of the Cyberbully
The world of technology is fast-paced and more readily adopted by youth. This often leaves parents and guardians in a catch-up role trying to figure out what our children are doing and how we can teach safe behavior. With over 50% of youth saying they have been subjected to abuse through social and digital media according to a recent MTV - Associated Press survey, the problem requires attention.
Teens use of technology explodes
A 2010 survey by the Cyberbullying Research Center found teen's (10 - 18 year olds) use of electronic communications widespread:
 | 83% used cell phones |
 | 40% took cell phone pictures |
 | 77% sent text messages |
 | 50% used FaceBook |
Cyberbullying defined: "Cyberbullying is when someone repeatedly harasses, mistreats, or makes fun of another person online or while using cell phones or other electronic devices." Source: Cyberbullying Research Center |
Types of Cyberbullying
Cyberbullying usually occurs from someone the person knows very well. It comes in many forms:
 | Posting something online that is not true |
| Saying something mean or hurtful about someone and sending it to the child's social circle |
| Forwarding a "private" message to others with the intent to hurt both parties |
| Breaking into a cell phone or social account to read private information or worse, using the account to send out inappropriate messages |
| Defacing social media pages |
| Excluding your child from a social network, effectively ostracizing them |
| Sexting. These are sexual messages and photos that are sent, often with peer pressure attached. These images and messages are then used to blackmail and belittle an ex-girlfriend or boyfriend as they are made public or threats are made to distribute the embarrassing information. |
What can you do?
| Look for signs. If you child's behavior starts changing it may be time to discuss the cyberbully possibility. Cyberbullying is occurring across broad social spectrums: good students and poor students; in urban and rural areas; across genders and across all races. |
| Set up rules. Make sure you have full access to your child's cell phone and social media accounts. Let them know this is part of the agreement with you to have the technology. Monitor use and look for changes in tone and behavior. |
| Report abuse. Coach your children to tell you when cyberbullying occurs. Take this private harassment and make it known to the school and the parents of the offending children. Often simply telling friends what is going on helps stop the problem. |
| Make Changes. Password protect devices and change the passwords often. Close down offending social sites. Change email addresses and screen names. Do not allow access to these devices after bedtime hours to provide a respite from the harassment. |
| Tell the person to stop. Amazingly this is often one of the most effective means to get the bully to stop their harrasment. |
Thankfully many school and state programs are being established to help students be more aware of the problem and provide resources to stop any harassment. Should you wish to learn more:
MTV - AP Digital Abuse Study - www.athinline.org/about
Cyberbullying Research Center - www.cyberbullying.us
Cyberbullying Research Center - www.cyberbullying.us
Tuesday, October 4, 2011
Consumers Should Shop Carefully At Halloween Boutiques
Seasonal Stores May Disappear Before You Need Customer Service
Nationwide, the BBB received 378 complaints about costume stores and websites last year. The complaints included deliveries that were late or never arrived, poor quality and difficulty obtaining refunds. Some customers found the stores closed when they returned to report a problem.
Temporary costume stores and other Halloween boutiques are as much a sign of fall as autumn leaves. The BBB advises shoppers to check the businesses out with the BBB before patronizing unfamiliar stores or websites.
Nationwide, the BBB received 378 complaints about costume stores and websites last year. The complaints included deliveries that were late or never arrived, poor quality and difficulty obtaining refunds. Some customers found the stores closed when they returned to report a problem.“A costume may look cute and the price may seem right, but it pays to check into a site’s reputation and consider return policies and shipping schedules before placing an order online,” said Michelle L. Corey, BBB president and CEO. “If you’re buying from a temporary store, ask about return policies before making a purchase.”
The St. Louis BBB logged only two complaints about costume stores last year, but in the past, it has issued warnings about websites that sell human and animal costumes. The BBB offers these tips to help you avoid being haunted after Halloween is over:
- Location. If you're interested in trying a new or unfamiliar online merchant, ask the company for its physical location (address and phone number) so you can check its BBB Business Review at www.bbb.org.
- Customer satisfaction policy. Determine the company's refund and return policies before you buy. If online companies can’t offer concrete commitments on how they will handle any potential problems you may have with their products or services, reconsider doing business with them.
- Leave nothing to chance. Be sure you have a thorough understanding of everything involved before placing an order. Be clear on the price and any shipping and handling charges. Know the terms of any product or service guarantees. Find out how long it will be before you receive your order. Federal law requires that goods and services be delivered within 30 days, unless a different delivery period is specifically stated by the merchant.
- Guard your personal information. Only provide your credit card number online in a secure environment. Look for the prefix “https://” in the URL box listing the website’s address to be sure that the site you are using is secure.
- Ask how long a store will operate. If you’re buying from a seasonal store, ask them whether they will be open after the holiday and whether they will accept returns when the season is over. If not, consider buying elsewhere or taking more time to be sure the item is exactly what you want before making the purchase.
BBB Warns Cardinals Fans To Steer Clear Of Ticket Scams
Playoff Has Fans Scrambling To Find Tickets
The Cardinals’ historic comeback to win a wild card slot in the National League division playoffs has caught fans up in baseball fever. However, the BBB warns fans to beware of potential scams by fake ticket sellers seeking to cash in on the comeback.
The opportunity for sports fans to be scammed by fake ticket sellers occurs most often when people buy tickets from individuals outside the stadium, on the street or through online auctions, classifieds and bulletin boards.
“Sports fans can get burned by purchasing counterfeit tickets or paying in advance for tickets that never arrive,” said Michelle L. Corey, BBB president and CEO.
The secondary market for sporting and entertainment tickets is a $10 billion a year industry. It includes tickets bought and sold by professional brokers as well as those purchased and resold by speculators and season ticket holders.
“The Internet has become the arena of choice for sports fans looking to buy or sell tickets,” Corey said. “Unfortunately, it also has become a breeding ground for scammers looking to take advantage of sports fans.”
The BBB’s database includes reputable, secondary market ticket firms that provide buyer protections, including money-back guarantees if tickets are fake. On some sites, sellers also must provide credit-card numbers so the site can charge a seller’s card for the cost of replacement tickets if they sell fake tickets. The Cardinals have their own website for reselling tickets held by season ticket holders.
The BBB offers the following advice for fans seeking tickets:
The Cardinals’ historic comeback to win a wild card slot in the National League division playoffs has caught fans up in baseball fever. However, the BBB warns fans to beware of potential scams by fake ticket sellers seeking to cash in on the comeback.
The opportunity for sports fans to be scammed by fake ticket sellers occurs most often when people buy tickets from individuals outside the stadium, on the street or through online auctions, classifieds and bulletin boards.“Sports fans can get burned by purchasing counterfeit tickets or paying in advance for tickets that never arrive,” said Michelle L. Corey, BBB president and CEO.
The secondary market for sporting and entertainment tickets is a $10 billion a year industry. It includes tickets bought and sold by professional brokers as well as those purchased and resold by speculators and season ticket holders.
“The Internet has become the arena of choice for sports fans looking to buy or sell tickets,” Corey said. “Unfortunately, it also has become a breeding ground for scammers looking to take advantage of sports fans.”
The BBB’s database includes reputable, secondary market ticket firms that provide buyer protections, including money-back guarantees if tickets are fake. On some sites, sellers also must provide credit-card numbers so the site can charge a seller’s card for the cost of replacement tickets if they sell fake tickets. The Cardinals have their own website for reselling tickets held by season ticket holders.
The BBB offers the following advice for fans seeking tickets:
- Be careful buying tickets from someone on the street. When you get to the gate and find out your tickets aren’t real, the seller will be long gone.
- Before buying from an online ticket broker, look for the BBB logo on the website and click on it to make sure it is real. The BBB’s dynamic seal will take you directly to the BBB Business Review on the company, where you can read about the company’s record for responding to complaints. Make sure the website has a secure payment processing system, usually denoted by “https://” at the start of its website address or URL or a small closed lock icon at the bottom of the screen.
- If you buy tickets through an online auction site, choose a seller with a long history of satisfied customers. Scammers can hijack old accounts, so make sure the seller has recently sold other tickets.
- Ticket buyers also should be wary of sellers who try to lure buyers from a legitimate site to another site for a “private” transaction. Scammers often want to conduct their business on sites with names that mimic well-known companies but actually are fakes.
- If you are buying tickets through an online classified ad site, never pay the seller by wire transfer. You will have no way to get your money back if the tickets do not arrive or are counterfeit.
Wednesday, September 28, 2011
Senior Citizens Remain Target of Scammers
BBB warns of common scams targeting seniors
AUSTIN, Texas - Fraud targeting senior citizens continues to be a widespread concern reported by Better Business Bureau. In 2010, more than 2,700 seniors filed complaints with BBB, and so far in 2011 BBB has received more than 1,300 complaints.
A survey conducted by Investor Protection Trust in June 2010 estimated that 7.3 million older Americans — one out of every five citizens 65 and older — have been victims of financial scams.
“Fraud targeting senior citizens continues to be a growing concern,” said Carrie A. Hurt, president and CEO of BBB serving Central, Coastal, Southwest Texas and the Permian Basin. “Consumers need to keep the lines of communication open with their elders regarding finances and learn to recognize common scams targeting senior citizens.”
Common scams against seniors:
1. Grandparent scam — Victims receive a phone call from someone claiming to be a family member stranded far from home. The caller may use the name of a particular family member. They say they are being held in jail, need car repairs or other assistance and need money wired immediately. The scammers may lace the conversation with correct references to other family members, increasing credibility.
BBB tip: Remain calm and confirm the status of the individual by calling him or her directly or verifying the story with other family members before taking any further action.
2. Bereavement scam — Scammers will go through obituaries and use the information to prey on widows and widowers. They will try to sell the surviving spouse things he or she does not need, or say the deceased spouse had debt the surviving spouse must pay.
BBB tip: Offer help to elderly friends or family members if they have recently lost a loved one and are inexperienced in managing finances. If you are uncertain about owing a debt when collectors call, ask for written confirmation.
3. Foreign lotteries — Seniors receive a letter in the mail stating they won a lottery. The letter requests they deposit an enclosed check, then wire a portion of the deposited money back to the company to cover taxes or administrative fees. The check will initially clear, but the bank will eventually determine it is fake and remove all the money from the account. The victim is out any money wired back to the scammers.
BBB tip: Never wire money to someone you don’t know. You should never have to send money to receive any winnings from a lottery or sweepstakes. Additionally, participation in a foreign lottery is illegal.
4. Investment and work-at-home opportunities — Promises of easy money often target older adults because they may be looking to supplement their income. The pitch might come in the form of an investment opportunity that promises big returns, or as a way to make money at home for an upfront cost. However, what looks like a great opportunity for seniors is really just a great opportunity for scammers.
AUSTIN, Texas - Fraud targeting senior citizens continues to be a widespread concern reported by Better Business Bureau. In 2010, more than 2,700 seniors filed complaints with BBB, and so far in 2011 BBB has received more than 1,300 complaints.
A survey conducted by Investor Protection Trust in June 2010 estimated that 7.3 million older Americans — one out of every five citizens 65 and older — have been victims of financial scams.
“Fraud targeting senior citizens continues to be a growing concern,” said Carrie A. Hurt, president and CEO of BBB serving Central, Coastal, Southwest Texas and the Permian Basin. “Consumers need to keep the lines of communication open with their elders regarding finances and learn to recognize common scams targeting senior citizens.”
Common scams against seniors:
1. Grandparent scam — Victims receive a phone call from someone claiming to be a family member stranded far from home. The caller may use the name of a particular family member. They say they are being held in jail, need car repairs or other assistance and need money wired immediately. The scammers may lace the conversation with correct references to other family members, increasing credibility.
BBB tip: Remain calm and confirm the status of the individual by calling him or her directly or verifying the story with other family members before taking any further action.
2. Bereavement scam — Scammers will go through obituaries and use the information to prey on widows and widowers. They will try to sell the surviving spouse things he or she does not need, or say the deceased spouse had debt the surviving spouse must pay.
BBB tip: Offer help to elderly friends or family members if they have recently lost a loved one and are inexperienced in managing finances. If you are uncertain about owing a debt when collectors call, ask for written confirmation.
3. Foreign lotteries — Seniors receive a letter in the mail stating they won a lottery. The letter requests they deposit an enclosed check, then wire a portion of the deposited money back to the company to cover taxes or administrative fees. The check will initially clear, but the bank will eventually determine it is fake and remove all the money from the account. The victim is out any money wired back to the scammers.
BBB tip: Never wire money to someone you don’t know. You should never have to send money to receive any winnings from a lottery or sweepstakes. Additionally, participation in a foreign lottery is illegal.
4. Investment and work-at-home opportunities — Promises of easy money often target older adults because they may be looking to supplement their income. The pitch might come in the form of an investment opportunity that promises big returns, or as a way to make money at home for an upfront cost. However, what looks like a great opportunity for seniors is really just a great opportunity for scammers.
BBB tip: Always research work-at-home opportunities with your BBB. Beware of investment or money-making offers that seem too good to be true.
Wednesday, September 21, 2011
FTC Action Halts Tactics of Payday Lender Martin Webb aka Payday Financial, LLC of SD
FTC Action Halts Allegedly Illegal Tactics of Payday Lending Operation That Attempted to Garnish Consumers’ Paychecks
After the Federal Trade Commission filed an action in U.S. district court, a payday lender that allegedly attempted to illegally garnish consumers’ wages has agreed to stop the challenged conduct pending trial.
As part of its continuing crackdown on scams that target consumers in financial distress, the FTC complaint alleges that Payday Financial, LLC, doing business as Lakota Cash and Big Sky Cash, along with other defendants, illegally attempted to garnish consumers’ wages without obtaining a court order, to collect payments on payday loans. As a result, the defendants illegally revealed consumers’ supposed debts to their employers and deprived consumers of their right to dispute the debts or make payment arrangements, the FTC alleges.
According to the FTC, defendant Martin A. Webb operates Payday Financial, LLC, and several related businesses in Timber Lake, South Dakota. The defendants offer short-term, high-fee, unsecured payday loans of $300 to $2,525 to consumers throughout the country, advertising on television and through websites such as www.bigskycash.com and www.westernsky.com
The FTC complaint alleges that when a consumer does not pay back a payday loan on time, the defendants send documents to his or her employer that mimic those used by federal agencies collecting debts owed to the government in an attempt to garnish the consumer’s wages. Under federal law, the government can directly require employers to garnish wages for debts it is owed without a court order. But private creditors must obtain a court order before garnishing a debtor’s wages. The complaint charges the defendants with violating the FTC Act by:
· misrepresenting to employers that the defendants are legally authorized to garnish an employee’s wages, without first obtaining a court order;
· falsely representing to employers that the defendants have notified consumers about the pending garnishment and have given them an opportunity to dispute the debt; and
· unfairly disclosing the existence and the amounts of consumers’ supposed debts to employers and co-workers without the consumers’ knowledge or consent.
The complaint further alleges that the defendants have violated the FTC’s Credit Practices Rule by requiring consumers taking out payday loans to consent to have wages taken directly out of their paychecks in the event of a default, and have violated the Electronic Funds Transfer Act and Regulation E by requiring authorization for electronic payments from their bank account as a condition of obtaining payday loans.
The Commission vote authorizing the staff to file the complaint was 5-0. The FTC filed the complaint and a request for preliminary relief in the U.S. District Court for the District of South Dakota, Central Division on September 6, 2011. The complaint names as defendants Payday Financial, LLC, Great Sky Finance, LLC, Western Sky Financial, LLC, Red Stone Financial, LLC, Financial Solutions, LLC, Management Systems, LLC, 24-7 Cash Direct, LLC, Red River Ventures, LLC, High Country Ventures, LLC, and Martin Webb. On September 7, 2011, the parties agreed to a stipulated preliminary injunction to immediately halt the alleged unlawful conduct, and the court accepted and entered the stipulated preliminary injunction. The FTC would like to acknowledge the assistance of the South Dakota U.S. Attorney’s Office.
Sunday, September 18, 2011
One-of-a-Kind Gifts: They're Only a Click Away
Purchasing a gift can be a stressful experience. Whether you're buying for a close friend or a mere acquaintance, the same questions arise. Will they like it? If the answer is yes, then it could be that they already own it! If you choose to go the safe route and buy a candle, a dessert item, or a gift certificate, then the gift may appear less personal than you intended. Thanks to a couple of great websites, the perfect gift, regardless of who you're buying for, may only be a click away.
www.findgift.com
This is an excellent website for buying one-of-a-kind gifts. For starters, gift selections are organized by specific occasions such as "anniversary" or "house warming". You may also search for gifts according to the sentiment you wish to express or the type of person you're shopping for. If you're still unsure what to buy, the website provides a monthly "Top 20 Gifts" list as well as something called a "Gift Wizard", which gives you one-on-one gift-buying advice.
Findgift.com doesn't actually stock the gifts it offers; rather it takes you directly to a specific online store that does. The website also offers other free services such as gift registries, email reminders for birthdays and anniversaries, as well as bookmarks which allow you to flag gifts you wish to purchase in the future.
Here's a unique gift idea that makes a perfect housewarming present. The item is a hand-drawn, pencil sketch of the person's home based upon a picture you send in. The sketch is drawn by a professional artist and costs under $50. Best of all, no one else is likely to think of it!
www.unusualthings.biz
This is another great gift-buying website which deals with, as you might guess, unusual things. The search feature on this site isn't as specific as the one on findgift.com, but it's helpful nonetheless. The best thing about this website is the quirky nature of its gifts.
One great example of this is the Rorshock Therapy Game. Based upon the famed Rorschach® psychological test, players are asked to interpret various inkblots. You can then use the accompanying handbook to determine what the interpretation says about each player's psyche. How's that for one-of-a-kind?
With prices ranging from $5-75 dollars, there are plenty of fun gifts to choose from on this site. Items ship within 3 days, and there are several shipping options available, depending upon where you live.
So the next time you're in need of a special gift, start with these two websites. And if all else fails, there's always gift certificates.
Brought to you by Capital Mortgage Solutions
www.findgift.com
This is an excellent website for buying one-of-a-kind gifts. For starters, gift selections are organized by specific occasions such as "anniversary" or "house warming". You may also search for gifts according to the sentiment you wish to express or the type of person you're shopping for. If you're still unsure what to buy, the website provides a monthly "Top 20 Gifts" list as well as something called a "Gift Wizard", which gives you one-on-one gift-buying advice.
Findgift.com doesn't actually stock the gifts it offers; rather it takes you directly to a specific online store that does. The website also offers other free services such as gift registries, email reminders for birthdays and anniversaries, as well as bookmarks which allow you to flag gifts you wish to purchase in the future.
Here's a unique gift idea that makes a perfect housewarming present. The item is a hand-drawn, pencil sketch of the person's home based upon a picture you send in. The sketch is drawn by a professional artist and costs under $50. Best of all, no one else is likely to think of it!
www.unusualthings.biz
This is another great gift-buying website which deals with, as you might guess, unusual things. The search feature on this site isn't as specific as the one on findgift.com, but it's helpful nonetheless. The best thing about this website is the quirky nature of its gifts.
One great example of this is the Rorshock Therapy Game. Based upon the famed Rorschach® psychological test, players are asked to interpret various inkblots. You can then use the accompanying handbook to determine what the interpretation says about each player's psyche. How's that for one-of-a-kind?
With prices ranging from $5-75 dollars, there are plenty of fun gifts to choose from on this site. Items ship within 3 days, and there are several shipping options available, depending upon where you live.
So the next time you're in need of a special gift, start with these two websites. And if all else fails, there's always gift certificates.
Brought to you by Capital Mortgage Solutions
Friday, September 16, 2011
Be a Smart Renter - Advice from the BBB
Since the housing market bust, nearly 3 million households have become renters, with another 3 million expected by 2015, according to census data analyzed by Harvard’s Joint Center for House Studies and The Associated Press. Thirty-eight million now rent apartments or houses.
Be smart when renting.
If you are searching on the Internet for a place, be careful it’s not a scam. Home rental scams are extremely prevalent. The con artists take the pictures of a house/condo for sale off the Internet and put it on their website and advertise on venues such as Craigslist.
You can check on the real estate company with the Better Business Bureau. Then, call the company to verify the house or apartment is for rent. You can also check with your local assessor’s office to verify ownership. If you do not live where the rental is located and you still want to rent it, ask if you can place the deposit on a credit card. Your chance of getting credit for the deposit if there is fraud, is good if you file a written dispute in a timely manner. If you write a check to a con man, you can say good-bye to that money.
Before signing a lease, know the terms of the lease, such as are utilities included or paid separately. Do a walk-through if at all possible. Take pictures of the rental to be able to verify the conditions before moving in. Know the use and refunds of your security deposit. Have all agreements put in writing, such as what improvements will be made and when. Keep copies of all correspondence. Make sure they give you a copy of the lease. Sometimes the landlord/real estate agent will say they will mail a copy of the agreement to you, and it never comes.
If you have a pet, make sure you know that it is acceptable to have a dog or cat. Is it in writing?
Also, work to keep a good relationship with the landlord so that repairs will be made quickly. Remember that you have certain rights to a livable place such as heat, water, electricity and clean, safe surroundings.
Lastly, do you have adequate renters’ insurance? Too often people do not carry insurance needed to protect them from losses due to theft or disasters, such as a fire or tornado.
Wednesday, September 14, 2011
Bone Up On Karat Weights Before Selling Gold - BBB Has Consumer Tips To Help You Get Good Value
Erratic global markets have some worried investors turning to gold as a safe haven, driving the price to around $1,900 per ounce in commodities markets. With the price of gold at an all-time high, the BBB is advising consumers to do their homework before selling their gold.
Some consumers may be tempted to cash in by selling old jewelry, coins or scrap gold online,at a home “gold party,” or at local jewelry or coin shops. However, not just any dealer can be trusted.
“Consumers need to be on the lookout for less than reputable sellers,” Michelle L. Corey, BBB president and CEO. “Many of the complaints we receive stem from deceptive advertising or delivery issues, where the consumer ends up receiving far less than what they thought their gold was worth.”
The BBB has following these tips for those contemplating a gold transaction:
Find a trustworthy appraiser. If possible, go to someone locally whom you know and trust. Always check with the company’s BBB Business Review first at www.bbb.org. The BBB suggests obtaining two or three appraisals to compare prices, prior to any sale.
Don't expect to get the full price of gold traded in commodities markets. The ounce quote is for pure gold only. For instance, 14-karat gold is composed of just 58.5 per cent gold. Ask how much the company’s going rate is for each ounce of each karat you are sending. The lower the karat, the less the gold content.
Don’t allow the dealer to weigh jewelry of different karat values together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
Don’t let anyone steal your diamonds from gold pieces. Single gold stud earrings might be worth $5 or $10, yet diamonds in the earrings can be saved. Some are too small, and the labor to remove them might exceed their value, but engagement ring diamonds, for example, should be given a value separate from the gold.
Know the terms and conditions when sending items by mail. Make sure your items are insured when being shipped, so if they are lost you can recover the value. Obtain appraisals prior to mailing items, so if they are lost you have proof of their value. Check the company’s policy on reimbursement if they lose your product. Many limit their liability. Make a list of all items included in the package, keep a copy for yourself, and put a copy in the envelope. Take a picture of the items you are sending, including any identifying marks.
Ask about the company’s guarantee if you are not satisfied with the price offered. Can you get your product back if you return the check? Many companies melt down the items in 10–14 days. If you send the check back, send it “return receipt requested,” so you have proof when it arrived at the company.
Some consumers may be tempted to cash in by selling old jewelry, coins or scrap gold online,at a home “gold party,” or at local jewelry or coin shops. However, not just any dealer can be trusted.The BBB already has received more than 500 complaints against gold, silver and platinum dealers this year. The number is well on its way to matching or exceeding the 581 total complaints in 2010.
“Consumers need to be on the lookout for less than reputable sellers,” Michelle L. Corey, BBB president and CEO. “Many of the complaints we receive stem from deceptive advertising or delivery issues, where the consumer ends up receiving far less than what they thought their gold was worth.”
The BBB has following these tips for those contemplating a gold transaction:
Find a trustworthy appraiser. If possible, go to someone locally whom you know and trust. Always check with the company’s BBB Business Review first at www.bbb.org. The BBB suggests obtaining two or three appraisals to compare prices, prior to any sale.
Don't expect to get the full price of gold traded in commodities markets. The ounce quote is for pure gold only. For instance, 14-karat gold is composed of just 58.5 per cent gold. Ask how much the company’s going rate is for each ounce of each karat you are sending. The lower the karat, the less the gold content.
Don’t allow the dealer to weigh jewelry of different karat values together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
Don’t let anyone steal your diamonds from gold pieces. Single gold stud earrings might be worth $5 or $10, yet diamonds in the earrings can be saved. Some are too small, and the labor to remove them might exceed their value, but engagement ring diamonds, for example, should be given a value separate from the gold.
Know the terms and conditions when sending items by mail. Make sure your items are insured when being shipped, so if they are lost you can recover the value. Obtain appraisals prior to mailing items, so if they are lost you have proof of their value. Check the company’s policy on reimbursement if they lose your product. Many limit their liability. Make a list of all items included in the package, keep a copy for yourself, and put a copy in the envelope. Take a picture of the items you are sending, including any identifying marks.
Ask about the company’s guarantee if you are not satisfied with the price offered. Can you get your product back if you return the check? Many companies melt down the items in 10–14 days. If you send the check back, send it “return receipt requested,” so you have proof when it arrived at the company.
More consumer tips and BBB Business Reviews are available atwww.bbb.org
Tuesday, September 13, 2011
BBB Advises How Consumers Can Take Steps To Thwart Copper Theft
Thieves Target Air Conditioners, Gutters, Water Pipes
Copper theft is a serious problem for homeowners and businesses, but there are things people can do to reduce their vulnerability to thieves, the BBB advises.
Copper theft is a serious problem for homeowners and businesses, but there are things people can do to reduce their vulnerability to thieves, the BBB advises.
At a “copper summit” in March, St. Louis police estimated that copper worth $4.6 million had been removed from St. Louis homes and businesses since the beginning of 2010, based on reports of 3,485 burglaries and thefts. Authorities have sought to fight the trend by requiring scrap dealers to get the names and addresses of people selling scrap and to require that any amount over $500 be mailed to the recipient.
This summer, air conditioning units have been a popular target because of the amount of copper they may contain. Copper gutters, downspouts and water pipes often are stolen, too. The problem extends to St. Louis suburbs in Missouri and Illinois.
“Soaring commodity prices have made stealing and selling scrap profitable,” said Michelle L. Corey, BBB president and CEO. “No one can stop a determined thief, but there are things consumers and businesses can do to make their property less attractive to criminals.”
The BBB offers the following tips to avoid being victimized:
- Secure items if possible. Keep items thieves could pilfer inside. For larger targets, like air conditioning units, keep the area fenced in and lock any gates.
- Make it difficult for thieves. Move dumpsters and ladders away from buildings to make it harder for thieves to reach rooftop refrigeration units. Clear brush around ground-level air conditioning equipment so others can spot people attempting to work around the unit or destroying it.
- Invest in security. Add continuous or motion-sensing outdoor lighting around air conditioning units. Businesses should try to have someone on site at night or install video cameras to watch for thieves.
- Start a neighborhood watch. Get to know your neighbors and ask them to help keep watch. Never assume the person working on the neighbor’s air conditioner or gutters is a repairman. Check with the neighbors, then call the police.
- Mark materials. If materials are stolen, the best chance of identifying them is to make them stand out from similar material that might come to a recycler legitimately. Marking items with bright paint or etching an identification number at various places can make the items more difficult to sell.
The Better Business Bureau has more consumer tips and BBB Business Reviews at www.bbb.org.
Thursday, September 8, 2011
Lower Your Grocery Costs
A trusted app now has mobile grocery coupons, and a new site helps you save money by providing recipes that use ingredients you already have.
By Cameron Huddleston, Kiplinger.com
Coupon Sherpa, one of our favorite free iPhone and iPod Touch applications, has added grocery coupons to its line-up of mobile coupons for hundreds of retailers, restaurants and services. This is good news for those of us who like the idea of coupons but don't always have the foresight to find and print them before we head to the grocery store.
The app now has coupons for 28 grocery chains, including Kroger, Lowes Foods, Ralphs and Safeway. You can enter your zip code to locate participating stores near you and see what coupons are available in your area. Then you can check the coupons you want and save them directly to your store loyalty card (by entering the card number). The coupons will be applied automatically when you swipe your card at the checkout. It's that simple.
As with most grocery coupons, the ones available on the Coupon Sherpa app are primarily for brand-name, prepackaged items – such as cookies, snack foods and frozen meals. But I don't buy a lot of these items. That's why I've found another new Web site to be more beneficial for me. It's called Gojee.com, and it helps you find ways to use food items you already have so they don't go to waste (and you don't just throw away money).
The recently launched cooking site lets you enter ingredients you have then generates recipes that use those items and clearly lists other ingredients that are needed for the recipes. You can also list ingredients you're allergic to or don't like to narrow your search results.
Other sites, such as Allrecipes.com, offer similar ingredient-search options. But what I like about Gojee.com is that it's easy to navigate, isn't cluttered with ads and looks like a cookbook with page after page (that you can scroll through like a slide show) of large, mouth-watering images of each dish. All of the recipes are handpicked from the blogs and Web sites of food writers and screened for tastiness.
I've already saved some zucchini and eggplant from going bad in my fridge with the help of recipes from Gojee.com. Give it a try and let me know what you think of it (or the new Coupon Sherpa mobile grocery coupons).
Reprinted with permission. All Contents ©2011 The Kiplinger Washington Editors. www.kiplinger.com.
By Cameron Huddleston, Kiplinger.com
 |
Coupon Sherpa, one of our favorite free iPhone and iPod Touch applications, has added grocery coupons to its line-up of mobile coupons for hundreds of retailers, restaurants and services. This is good news for those of us who like the idea of coupons but don't always have the foresight to find and print them before we head to the grocery store.
The app now has coupons for 28 grocery chains, including Kroger, Lowes Foods, Ralphs and Safeway. You can enter your zip code to locate participating stores near you and see what coupons are available in your area. Then you can check the coupons you want and save them directly to your store loyalty card (by entering the card number). The coupons will be applied automatically when you swipe your card at the checkout. It's that simple.
As with most grocery coupons, the ones available on the Coupon Sherpa app are primarily for brand-name, prepackaged items – such as cookies, snack foods and frozen meals. But I don't buy a lot of these items. That's why I've found another new Web site to be more beneficial for me. It's called Gojee.com, and it helps you find ways to use food items you already have so they don't go to waste (and you don't just throw away money).
The recently launched cooking site lets you enter ingredients you have then generates recipes that use those items and clearly lists other ingredients that are needed for the recipes. You can also list ingredients you're allergic to or don't like to narrow your search results.
Other sites, such as Allrecipes.com, offer similar ingredient-search options. But what I like about Gojee.com is that it's easy to navigate, isn't cluttered with ads and looks like a cookbook with page after page (that you can scroll through like a slide show) of large, mouth-watering images of each dish. All of the recipes are handpicked from the blogs and Web sites of food writers and screened for tastiness.
I've already saved some zucchini and eggplant from going bad in my fridge with the help of recipes from Gojee.com. Give it a try and let me know what you think of it (or the new Coupon Sherpa mobile grocery coupons).
Reprinted with permission. All Contents ©2011 The Kiplinger Washington Editors. www.kiplinger.com.
Wednesday, September 7, 2011
BBB Advises Homeowners to be on the Lookout for Fly-By-Night “Storm Chasers”
Arlington, VA – Your home and wallet may take a serious beating when a big storm like Hurricane Irene hits and Better Business Bureau is warning consumers to be wary of fly-by-night “storm chasers,” as well as fraudulent charities promising to provide relief.
Storm chasers and other door-to-door salespeople often peddle dubious deals that may cost homeowners thousands of dollars and create serious headaches. BBB recommends doing your research to avoid getting taken advantage of by untrustworthy home contractors.
For those who seek to aid in relief, BBB Wise Give Alliance urges donors to check trustworthy charities before making any donations. Not only do Americans need to be concerned about avoiding fraud, they also need to make sure their money goes to competent relief organizations that are equipped and experienced to handle the unique challenges of providing assistance.
“Not only do Americans need to be concerned about avoiding fraud, they need to know that their home contractors and charity relief efforts are legitimate and honorable,” said Stephen A. Cox, President and CEO of the Council of Better Business Bureaus. “It’s imperative to find a home contractor and charity that you can trust.”
When looking for a contractor you can trust and when seeking to aid to relief efforts, BBB recommends that homeowners and donors do the following:
Start Your Search with BBB. In addition to offering Business Reviews on tens of thousands of contractors—good and bad—across the US, you can also rely on BBB’s Accredited Business Locator to find trustworthy contractors in your area. BBB accreditation standards require that accredited businesses make a good faith effort to resolve disputes.
Find trustworthy charities when aiding to relief. BBB Wise Giving Alliance urges donors to make sure their donations will go to legitimate and reputable charities and relief efforts that have the capability to help those in need. Be cautious when relying on third-party recommendations such as bloggers or other Web sites, as they might not have fully researched the listed relief organizations. Interested donors should visit www.bbb.org/charity to research charities and relief organizations to verify that they are accredited by the BBB and meet the 20 Standards for Charity Accountability.
Recognize the red flags. Beware of any contractor who uses high pressure sales tactics or requires full payment upfront. Also avoid contractors who require you to get the necessary permits. When looking to make a donation, be cautious about online giving, especially in response to spam messages and emails that claim to link to a relief organization. In response to the previous natural disasters, there were concerns raised about many Web sites and new organizations that were created overnight allegedly to help victims.
Check the contractor carefully. Verify the business meets all state and local requirements including being licensed, insured and bonded. Also ask the business for references from recent jobs. Confirm whether or not the contractor will be subcontracting the job or relying on their own employees.
Beware of storm chasers. In the wake of a storm, fly-by-night repair businesses will solicit work, often door-to-door, in unmarked trucks. They might require advance payment and make big promises on which they won’t be able to deliver.
Seek at least three bids. Beware of low-ball estimates that may potentially balloon over time or foreshadow shoddy work to come.
Make sure everything is in writing. Make sure that the full scope of the work is explained in the contract including cleanup and disposal of waste. All verbal agreements need to be included in the written agreement. Pay close attention to the payment terms, estimated price of materials and labor and any warranties or guarantees.
For more advice on hiring home professionals and for finding a charity you can trust, visit us online at www.bbb.org/us/consumer-tips-home and BBB Wise Give Alliance at www.bbb.org/charity.
Storm chasers and other door-to-door salespeople often peddle dubious deals that may cost homeowners thousands of dollars and create serious headaches. BBB recommends doing your research to avoid getting taken advantage of by untrustworthy home contractors.
For those who seek to aid in relief, BBB Wise Give Alliance urges donors to check trustworthy charities before making any donations. Not only do Americans need to be concerned about avoiding fraud, they also need to make sure their money goes to competent relief organizations that are equipped and experienced to handle the unique challenges of providing assistance.
“Not only do Americans need to be concerned about avoiding fraud, they need to know that their home contractors and charity relief efforts are legitimate and honorable,” said Stephen A. Cox, President and CEO of the Council of Better Business Bureaus. “It’s imperative to find a home contractor and charity that you can trust.”
When looking for a contractor you can trust and when seeking to aid to relief efforts, BBB recommends that homeowners and donors do the following:
Start Your Search with BBB. In addition to offering Business Reviews on tens of thousands of contractors—good and bad—across the US, you can also rely on BBB’s Accredited Business Locator to find trustworthy contractors in your area. BBB accreditation standards require that accredited businesses make a good faith effort to resolve disputes.
Find trustworthy charities when aiding to relief. BBB Wise Giving Alliance urges donors to make sure their donations will go to legitimate and reputable charities and relief efforts that have the capability to help those in need. Be cautious when relying on third-party recommendations such as bloggers or other Web sites, as they might not have fully researched the listed relief organizations. Interested donors should visit www.bbb.org/charity to research charities and relief organizations to verify that they are accredited by the BBB and meet the 20 Standards for Charity Accountability.
Recognize the red flags. Beware of any contractor who uses high pressure sales tactics or requires full payment upfront. Also avoid contractors who require you to get the necessary permits. When looking to make a donation, be cautious about online giving, especially in response to spam messages and emails that claim to link to a relief organization. In response to the previous natural disasters, there were concerns raised about many Web sites and new organizations that were created overnight allegedly to help victims.
Check the contractor carefully. Verify the business meets all state and local requirements including being licensed, insured and bonded. Also ask the business for references from recent jobs. Confirm whether or not the contractor will be subcontracting the job or relying on their own employees.
Beware of storm chasers. In the wake of a storm, fly-by-night repair businesses will solicit work, often door-to-door, in unmarked trucks. They might require advance payment and make big promises on which they won’t be able to deliver.
Seek at least three bids. Beware of low-ball estimates that may potentially balloon over time or foreshadow shoddy work to come.
Make sure everything is in writing. Make sure that the full scope of the work is explained in the contract including cleanup and disposal of waste. All verbal agreements need to be included in the written agreement. Pay close attention to the payment terms, estimated price of materials and labor and any warranties or guarantees.
For more advice on hiring home professionals and for finding a charity you can trust, visit us online at www.bbb.org/us/consumer-tips-home and BBB Wise Give Alliance at www.bbb.org/charity.
Monday, September 5, 2011
BBB Consumer Alert: Global Subscription Services Making Unauthorized Debits from Consumers’ Bank Accounts
Fast Facts:
August 31, 2011, Memphis, TN – The BBB of the Mid-South is warning consumers about a magazine subscription company operating with a Memphis address. Consumers have reported that Global Subscription Services mailed them notices stating that the company is automatically renewing their magazine subscriptions and debiting their bank accounts. Global Subscription Services has an F rating with the BBB.
Global Subscription Services lists its business address as 111 S Highland Street, #102, Memphis TN. However, the BBB has confirmed that address to be a rented mailbox at a UPS Store.
BBB complaints have been filed against Global Subscription Services by consumers from all over the country – from New York to California to Alaska. The BBB has received 28 complaints on the company since April. According to complainants, the renewal notice contains bank account information that the consumers say they didn’t provide. Some complaints allege that funds have already been debited from their accounts without their permission.
An Arlington TN man reported that Global Subscription Services processed an automated debit from his bank account without his permission. “I have never done business with this company, nor have I ever authorized or given them my banking information,” he told the BBB. “They stated that they processed an automated renewal on a magazine that I have not subscribed to in over 4 years.” When he contacted the magazine publisher directly he was told that they do not have a contract with Global Subscription Services and would not accept renewal requests from them.
A couple from Somerville TN also had unauthorized funds drafted from their bank account. “They illegally debited our bank account with $49.00 on 6/21/11 without any authorization from us to do so,” they told the BBB. “We had already mailed our check directly to the magazine for renewal.” They also contacted the magazine publisher directly and were advised that Global Subscription Services is not authorized to sell subscriptions for them.
According to a man from Olathe, KS, the company debited his account for $14.95 without his permission. He told the BBB, “The company alleges my personal authorization is on file. I have not granted them authorization. I have not lived at the address they show on the banking record for 5 years.”
And a Greenville SC woman asked, “I am also very curious how this company obtained my bank account information without my having given it to them.”
The Better Business Bureau contacted the company to find out how consumers were put into the automatic renewal program and how the company obtained banking information that consumers did not provide. In a response to the BBB, Global Subscription Services stated that some consumers were “inadvertently” enrolled in their automatic renewal program, but didn’t say how or why. They also did not address the question about how they obtained the banking information.
“This is a good example of why consumers need to scrutinize bills and account statements,” said Randy Hutchinson, BBB President. “Someone who isn’t paying close attention might think the statement is legitimate and pay it without question.”
The BBB of the Mid-South reminds consumers to be vigilant when paying bills and invoices.
For more information or to schedule an interview with a BBB spokesperson, contact Nancy Crawford at 901.757.8627 or 901.213.7809.
- Global Subscription Services has automatically renewed consumers’ magazine subscriptions without permission and made unauthorized debits from consumers’ bank accounts
- BBB has received 28 complaints in four months from consumers all over the country
- Consumers report that they did not give their banking information to the company and don’t know how they obtained that information
August 31, 2011, Memphis, TN – The BBB of the Mid-South is warning consumers about a magazine subscription company operating with a Memphis address. Consumers have reported that Global Subscription Services mailed them notices stating that the company is automatically renewing their magazine subscriptions and debiting their bank accounts. Global Subscription Services has an F rating with the BBB.
Global Subscription Services lists its business address as 111 S Highland Street, #102, Memphis TN. However, the BBB has confirmed that address to be a rented mailbox at a UPS Store.
BBB complaints have been filed against Global Subscription Services by consumers from all over the country – from New York to California to Alaska. The BBB has received 28 complaints on the company since April. According to complainants, the renewal notice contains bank account information that the consumers say they didn’t provide. Some complaints allege that funds have already been debited from their accounts without their permission.
An Arlington TN man reported that Global Subscription Services processed an automated debit from his bank account without his permission. “I have never done business with this company, nor have I ever authorized or given them my banking information,” he told the BBB. “They stated that they processed an automated renewal on a magazine that I have not subscribed to in over 4 years.” When he contacted the magazine publisher directly he was told that they do not have a contract with Global Subscription Services and would not accept renewal requests from them.
A couple from Somerville TN also had unauthorized funds drafted from their bank account. “They illegally debited our bank account with $49.00 on 6/21/11 without any authorization from us to do so,” they told the BBB. “We had already mailed our check directly to the magazine for renewal.” They also contacted the magazine publisher directly and were advised that Global Subscription Services is not authorized to sell subscriptions for them.
According to a man from Olathe, KS, the company debited his account for $14.95 without his permission. He told the BBB, “The company alleges my personal authorization is on file. I have not granted them authorization. I have not lived at the address they show on the banking record for 5 years.”
And a Greenville SC woman asked, “I am also very curious how this company obtained my bank account information without my having given it to them.”
The Better Business Bureau contacted the company to find out how consumers were put into the automatic renewal program and how the company obtained banking information that consumers did not provide. In a response to the BBB, Global Subscription Services stated that some consumers were “inadvertently” enrolled in their automatic renewal program, but didn’t say how or why. They also did not address the question about how they obtained the banking information.
“This is a good example of why consumers need to scrutinize bills and account statements,” said Randy Hutchinson, BBB President. “Someone who isn’t paying close attention might think the statement is legitimate and pay it without question.”
The BBB of the Mid-South reminds consumers to be vigilant when paying bills and invoices.
- Check your bank and credit card statements. Make sure all the charges and drafts were authorized by you.
- Don’t wait for your bank or credit card statement to come in the mail. If you have electronic access, check them more frequently.
- Don’t automatically pay bills and invoices that arrive in your mailbox. Verify their legitimacy first.
For more information or to schedule an interview with a BBB spokesperson, contact Nancy Crawford at 901.757.8627 or 901.213.7809.
Friday, September 2, 2011
BBB Advice on Student Security – What Every College Student Should Know
As college students get settled on campus, fighting fraud may not be at the top of their list of priorities. College students are susceptible to identity theft, however, and Better Business Bureau recommends that they take seven simple steps to protect themselves on campus.
In 2010, 8.1 million Americans – or 3.5 percent of the population – became victims of identity theft, according to the 2011 Identity Fraud Survey conducted by Javelin Strategy & Research and sponsored by BBB. The average mean cost of identity theft is $631 and the average time to resolve identity fraud is 33 hours – valuable study time.
“Friendly fraud” accounts for 14 percent of all ID theft crimes. This means that new roommates and friends have just as much potential of being as dastardly as a foreign-based scam artist phishing on the Internet. And identity thieves – friend or foe – think nothing of dumpster diving (or rifling through unattended trash cans) for unshredded paperwork or even taking mail from unlocked mailboxes (or off a desk). They can even cruise social networking sites looking for some personal tidbit that can unlock a wealth of information elsewhere.
“In this day and age, you can’t always trust your peers,” said Stephen A. Cox, president and CEO of the Council of Better Business Bureaus. “It’s extremely important for students to be vigilant in monitoring bank and credit card statements to spot unauthorized activity. Sign up for security alerts on your accounts and have them sent to your mobile phone so you’ll know if any changes have been made to your account.”
BBB recommends that college-bound students take the following seven steps to fight identity theft on campus:
Send sensitive mail to your parents’ home or a post office box. School mailboxes are not always secure and often can be accessed easily in a dorm or apartment.
Important documents should be stored under lock and key. This includes your Social Security card, passport and bank and credit card statements. Shred credit card offers and any paper documents that have sensitive financial information rather than just tossing them out.
Never lend your credit or debit card to anyone. Just say no if your friend wants to borrow your card or asks you to co-sign for a loan or financing for items like a TV.
Make sure your computer has up-to-date antivirus and spyware software. Always install any updates and patches to your computer’s operating system or browser software, which help keep your computer safe from any new advances by identity thieves online.
Always check your credit or debit card statements closely for any suspicious activity. The sooner you identify any potential fraud, the less you’ll suffer in the long run.
Check out unfamiliar websites with the BBB. Look for the BBB Accredited Business seal along with other trust seals; click on the seals to confirm that they are legitimate.
Check your credit report at least once a year. You are entitled to one free report a year from each of the three reporting bureaus: TransUnion, Experian and Equifax. Look for any suspicious activity or inaccuracies. You can do this for free by visiting www.annualcreditreport.com.
In 2010, 8.1 million Americans – or 3.5 percent of the population – became victims of identity theft, according to the 2011 Identity Fraud Survey conducted by Javelin Strategy & Research and sponsored by BBB. The average mean cost of identity theft is $631 and the average time to resolve identity fraud is 33 hours – valuable study time.
“Friendly fraud” accounts for 14 percent of all ID theft crimes. This means that new roommates and friends have just as much potential of being as dastardly as a foreign-based scam artist phishing on the Internet. And identity thieves – friend or foe – think nothing of dumpster diving (or rifling through unattended trash cans) for unshredded paperwork or even taking mail from unlocked mailboxes (or off a desk). They can even cruise social networking sites looking for some personal tidbit that can unlock a wealth of information elsewhere.
“In this day and age, you can’t always trust your peers,” said Stephen A. Cox, president and CEO of the Council of Better Business Bureaus. “It’s extremely important for students to be vigilant in monitoring bank and credit card statements to spot unauthorized activity. Sign up for security alerts on your accounts and have them sent to your mobile phone so you’ll know if any changes have been made to your account.”
BBB recommends that college-bound students take the following seven steps to fight identity theft on campus:
Send sensitive mail to your parents’ home or a post office box. School mailboxes are not always secure and often can be accessed easily in a dorm or apartment.
Important documents should be stored under lock and key. This includes your Social Security card, passport and bank and credit card statements. Shred credit card offers and any paper documents that have sensitive financial information rather than just tossing them out.
Never lend your credit or debit card to anyone. Just say no if your friend wants to borrow your card or asks you to co-sign for a loan or financing for items like a TV.
Make sure your computer has up-to-date antivirus and spyware software. Always install any updates and patches to your computer’s operating system or browser software, which help keep your computer safe from any new advances by identity thieves online.
Always check your credit or debit card statements closely for any suspicious activity. The sooner you identify any potential fraud, the less you’ll suffer in the long run.
Check out unfamiliar websites with the BBB. Look for the BBB Accredited Business seal along with other trust seals; click on the seals to confirm that they are legitimate.
Check your credit report at least once a year. You are entitled to one free report a year from each of the three reporting bureaus: TransUnion, Experian and Equifax. Look for any suspicious activity or inaccuracies. You can do this for free by visiting www.annualcreditreport.com.
BBB Advice for Making “Golden” Gold Transactions
Arlington, VA – As global markets are currently seeing rapid declines, worried investors are seeking safe havens for their funds. Many are looking to new investment plans to help their money grow. With the price of gold at an all time high of more than $1,700 per ounce, Better Business Bureau is advising consumers to do their homework before making tempting gold transactions.
Whether through an online venue, an at home “gold party,” or your local jeweler, many consumers are looking to sell their gold jewelry for some quick cash. However, not just any dealer can be trusted. In just this year alone, BBB has already received more than 500 complaints against gold, silver and platinum dealers, a number that is well on its way to reaching 2010’s 581 total complaints.
“Consumers need to be on the lookout for not so reputable sellers,” said Stephen A. Cox, president and CEO of the Council of Better Business Bureaus. “Many of the complaints we receive stem from false advertising and delivery issues where the consumer ends up being appraised far less than what they thought their gold was worth.”
BBB recommends following these tips to ensure a “golden” gold transaction:
Find a trustworthy appraiser. For an appraisal, if possible, go to someone locally whom you know and trust. Always check with BBB first at www.bbb.org. BBB suggests obtaining two or three appraisals to compare prices, prior to any sale.
The true price of gold may not be what you receive. If gold is worth $1,700 per ounce, you aren’t going to be paid $1,700 for every ounce of gold you have. Ask what you will be paid (if an online company, make sure you ask for specifics and give details on items you’ll be sending). Understand that the ounce quote is for pure gold only. For instance, 14-karat gold is composed of just 58.5 per cent gold. Ask how much the company’s going rate is for each ounce of each karat you are sending. The lower the karat, the less the gold content.
Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
Don’t let anyone steal your diamonds from gold pieces. Single gold stud earrings might be worth $5 or $10, yet diamonds in the earrings can be saved. Some are too small, and the labor to remove them might exceed their value, but engagement ring diamonds, for example, should be given a value separate from the gold.
Know the terms and conditions when sending items by post. Make sure your items are insured when being shipped, so if they are lost you can recover the value. Obtain appraisals prior to mailing items, so if they are lost you have proof of their value. Check the company’s policy as to what they will reimburse if they lose your product. Many limit their liability. Make a list of the items included in the package, keep a copy for yourself, and put a copy in the envelope. Take a picture of the items you are sending, including any identifying marks.
Ask about the company’s guarantee if you are not satisfied with the price offered. Can you get your product back, if you return the check? Many companies melt down the items in 10–14 days. If you send the check back, send it “return receipt requested,” so you have proof when it arrived at the company.
Whether through an online venue, an at home “gold party,” or your local jeweler, many consumers are looking to sell their gold jewelry for some quick cash. However, not just any dealer can be trusted. In just this year alone, BBB has already received more than 500 complaints against gold, silver and platinum dealers, a number that is well on its way to reaching 2010’s 581 total complaints.
“Consumers need to be on the lookout for not so reputable sellers,” said Stephen A. Cox, president and CEO of the Council of Better Business Bureaus. “Many of the complaints we receive stem from false advertising and delivery issues where the consumer ends up being appraised far less than what they thought their gold was worth.”
BBB recommends following these tips to ensure a “golden” gold transaction:
Find a trustworthy appraiser. For an appraisal, if possible, go to someone locally whom you know and trust. Always check with BBB first at www.bbb.org. BBB suggests obtaining two or three appraisals to compare prices, prior to any sale.
The true price of gold may not be what you receive. If gold is worth $1,700 per ounce, you aren’t going to be paid $1,700 for every ounce of gold you have. Ask what you will be paid (if an online company, make sure you ask for specifics and give details on items you’ll be sending). Understand that the ounce quote is for pure gold only. For instance, 14-karat gold is composed of just 58.5 per cent gold. Ask how much the company’s going rate is for each ounce of each karat you are sending. The lower the karat, the less the gold content.
Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
Don’t let anyone steal your diamonds from gold pieces. Single gold stud earrings might be worth $5 or $10, yet diamonds in the earrings can be saved. Some are too small, and the labor to remove them might exceed their value, but engagement ring diamonds, for example, should be given a value separate from the gold.
Know the terms and conditions when sending items by post. Make sure your items are insured when being shipped, so if they are lost you can recover the value. Obtain appraisals prior to mailing items, so if they are lost you have proof of their value. Check the company’s policy as to what they will reimburse if they lose your product. Many limit their liability. Make a list of the items included in the package, keep a copy for yourself, and put a copy in the envelope. Take a picture of the items you are sending, including any identifying marks.
Ask about the company’s guarantee if you are not satisfied with the price offered. Can you get your product back, if you return the check? Many companies melt down the items in 10–14 days. If you send the check back, send it “return receipt requested,” so you have proof when it arrived at the company.
Boomerang Kids
| Problem or opportunity? Picture yourself returning home from your last graduation party and settling in for a quiet evening with your spouse to begin the "empty nest" phase of your life. The kids are now gone. Or are they? A recent phenomena is hitting America as an unprecedented number of grown kids are returning to the nest. This trend is becoming so well known it has fostered the phrase the "boomerang generation". What Happened? With the advent of high unemployment and record levels of college and graduate school debt, adult kids are struggling to make it on their own. There are also discussions about a shift in parents' willingness to help out financially and emotionally more so than in prior generations. In the 1940s 18 year olds were fighting wars in Europe or the Pacific. In the 1960s and 1970s kids were being drafted and many were protesting. Today's world is different, but is it bordering on over-indulging our children. So what to do if you find yourself in a boomerang situation? Whether you are a parent or a "boomerang" child, here are suggestions that may turn an uncomfortable situation into a rewarding experience. |  | |||||||||||
Turn lemons into lemonade. While there are many inherent problems with the concept of the boomerang generation, there are wonderful opportunities as well. A few examples include:
Remember many cultures value the benefits of multi-generational living. The wisdom of experience is passed from one generation to the next and the healthy bond established between generations helps those of all ages. If managed properly the boomerang experience could bring its own rewards. Brought to you by Pinnacle Accounting | ||||||||||||
Wednesday, August 31, 2011
Consumer Fraud Task Force Urges Consumers To Know Their Rights When Dealing With Debt Collectors
Brought to you by the Better Business Bureau:
With complaints over debt collection practices skyrocketing, consumers in Missouri and Illinois are urged to protect themselves against bogus and unscrupulous collectors.
The Consumer Fraud Task Force says that consumers need to know their rights if they are contacted by businesses attempting to recover debts. The Federal Trade Commission’s Fair Debt Collection Practices Act sets out specific rules on how collectors must operate.
“In this difficult economy, people who have never before dealt with debt collectors are receiving phone calls,” the Task Force said. “Sometimes, these callers are trying to collect on debts that were settled years ago or never existed at all. But even callers trying to collect on legitimate debts can become overly aggressive and violate consumers’ rights.”
Some of the questionable or illegal debt collecting practices include:
· Attempting to collect “phantom” or “zombie” debts. Most often, these are debts that were never owed or were previously paid or otherwise discharged.
· Harassing or intimidating collection tactics, usually involving persistent phone calls.
· Telling debtors they will be arrested or have their property seized unless they make payment.
· Claiming that the collector is a lawyer or affiliated with a law firm when that is not the case.
· Withdrawing money from a consumer’s bank account or charging his or her credit card without consent.
· Giving information on a debt to a third party.
· Communicating with a consumer after receiving written notice from the consumer that he or she is refusing to pay or no longer wants to be called.
The Fair Debt Collections Practices Act attempts to safeguard consumers from unscrupulous collectors. Many states have enacted similar laws. The federal act prohibits debt collectors from using threats of violence or harm against an individual, property or reputation. Collectors cannot threaten to garnish a consumer’s wages unless they intend to do so. The act also requires that collectors send you written proof of your debt. In recent months, consumers across the country have filed numerous cases in federal court alleging violations of the act. Additional information, and the full federal act, can be obtained by going to www.ftc.gov.
The FTC report received more complaints about debt collection than any other single industry in 2010 -- 140,000 complaints, up from 120,000 in 2009. In March, the FTC announced that a national debt collection business had agreed to pay a record $2.8 million to settle charges that its aggressive collection techniques violated federal law.
The Task Force is a coalition of local, state and federal government agencies and nonprofit business and consumer groups in Missouri and Illinois that work together to protect consumer and donor rights and guard against fraud. Previous Task Force releases have focused on tax scams, timeshare resellers, home remodelers, work-at-home scams, sweepstakes offers, online auctions, credit repair scams, debt management advice, foreclosure scams, extended auto service contracts, fire and police organizations.
Thursday, August 25, 2011
FTC Permanently Halts Operation that Allegedly Made Bogus Claims about Eliminating Consumers' Debt
Two Principals Banned from Selling Financial Products and Services
As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission settled charges against a debt relief operation that allegedly lured consumers nationwide into paying thousands of dollars in up-front fees, but in most cases failed to actually reduce their credit card debts, and in many cases left them even deeper in debt. The proposed FTC settlement orders ban the company, Debt Relief USA, Inc., from doing further business, and ban company principals James Wojcik and Valerie Leath from marketing any financial products and services. Litigation continues against the two other principals, Kelly Reilly and Alvin Bell.
According to the FTC’s complaint, Debt Relief USA and its principals made deceptive claims that consumers who enrolled in their program could eliminate 40 to 60 percent of their credit card debt and be out of debt in 24 to 48 months. The FTC complaint charges that few consumers received the promised results.
Under the proposed settlements, Debt Relief USA, Wojcik, and Leath are required to protect and properly dispose of customers’ personal information. They also are prohibited from misrepresenting relevant facts to consumers.
The proposed settlements also impose a $19.7 million judgment against Wojcik and Leath, which will be suspended because of their inability to pay. If it is determined that the financial information they gave the FTC was untruthful, the full amount of the judgment will become due.
Debt Relief USA has declared bankruptcy. Through settlement of a separate action brought against Debt Relief USA by the Attorney General of Texas, consumers have received $3.7 million in refunds from the company’s bankruptcy estate and will receive additional distributions soon. The FTC participated in the bankruptcy proceeding and worked with the Attorney General of Texas to ensure maximum benefit for consumers. Because the Texas settlement recovered available company funds and provided refunds to consumers, the Commission’s settlement with the company does not involve monetary relief.
Consumers looking for help with credit card debt should be wary of anyone who tells them to stop paying their bills, to pay someone other than their creditors, or to stop talking to their creditors. Consumers should also be careful about paying for financial assistance before they receive it. For more information on dealing with debt, including public service announcements about avoiding debt relief scams, see the Debt Relief Services page of the FTC’s Money Matters website for consumers.
Changes made last year to the FTC’s Telemarketing Sales Rule prohibit companies that sell debt relief services over the telephone from charging fees before they settle or reduce a customer’s credit card or other unsecured debt. This ban on advance fees protects all consumers who have enrolled in a debt relief service since October 27, 2010. For more information about the advance fee ban see: Debt Relief Companies Prohibited From Collecting Advance Fees Under FTC Rule. For guidance to businesses on how to comply with the new Rule, see Debt Relief Services & the Telemarketing Sales Rule: A Guide for Business.
The Commission vote to file the complaint against defendants Debt Relief USA, Inc., Wojcik, Leath, Reilly, and Bell was 5-0. The vote to approve the consent agreement with defendant Debt Relief USA, Inc. was also 5-0. The votes to approve the consent agreements with defendants Wojcik and Leath were 4-0-1, with Commissioner Rosch abstaining on both. The FTC filed the complaint on August 17, 2011, and the proposed consent decrees on August 19, 2011, in the U.S. District Court for the Northern District of Texas, Dallas Division. The proposed consent decrees are subject to court approval.
NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendant has actually violated the law. Consent decrees are for settlement purposes only and do not constitute an admission by the defendant that the law has been violated. Consent decrees have the force of law when approved and signed by the District Court judge.
Saturday, August 20, 2011
Take Care When Paying Medical Bills
| Make sure your insurer will pick up its part of the tab. By Cameron Huddleston |
 I was about to write a check to pay for a medical bill when I realized that I probably didn't owe the amount shown on the invoice. The bill was for a health screening that was performed in late May. I provided my health insurance card at the time of test. But I had a feeling that the lab that actually analyzed the screening samples hadn't bothered to submit its claim to my insurance company before sending me a bill. That's because the bill arrived shortly after the test was done, and I hadn't received a statement from my insurance company that a claim had been submitted. All of this sunk in as I was about to put pen to paper. So I picked up the phone, called the lab and asked whether it had attempted to get my insurance company to pay for the procedure. "No," the customer service representative said. Just as I thought. So before you pay a medical bill, make sure the claim has been submitted to your insurance company. Don't ignore the bill – you don't want credit collectors knocking on your door. Just make a quick call to the medical facility that sent the bill or to your insurer to find out whether you're really on the hook for the full amount. Reprinted with permission. All Contents ©2011 The Kiplinger Washington Editors. |
Wednesday, August 17, 2011
Top 10 Bad Credit Installment Loans
More and more people are choosing installment loans to help with unexpected emergencies. Bad credit installment loans are repaid with a fixed regular installment, and a rate of interest fixed for the duration of the loan. Whether you are funding an education, purchasing a vehicle or simply need cash, bad credit installment loans might just be the thing you have been looking for.
How can I find a loan that is best for me?
To find the loan that is best for you, talk to a loan specialist who will be happy to work with you to establish a loan best suited to your needs. Most installment loans come with terms from one to five years. Regardless of your credit history, bad credit installment loans are there for your convenience and are a wonderful resource for people with bad credit.
How can installment loans help rebuild my credit?
Installment loans for bad credit give you options. It also gives you the opportunity to rebuild your credit score as long as you make your timely payments and stay within your credit limit. It is extremely important to do extensive research before choosing a lender. Lenders typically offer loans at very competitive interest rates, so shop around and choose the lender that offers the best possible deal. There are a variety of bad credit installment loans to choose from, some are:
1. Payday bad credit installment loans: A payday bad credit installment loan is similar to a short term installment loan: you make small payments each payday until your loan is paid off. If you are 18 years or older, with a reliable source of income, you may already pre-qualify for a payday installment loan. If you choose to apply online, you will need to have direct deposit on your bank account and your money can be deposited in less than two hours.
2. Short Term bad credit installment loans: Short term installment loans of up to $150,000 can be yours in hours. These installment loans are similar to bad credit payday loans but have the option to pay back the loan in smaller portions on your paydays until the loan is paid off.
3. Secured bad credit installment loan: Offers a larger amount in loan and longer repayment period. This loan requires collateral.
4. Unsecured bad credit installment loan: The unsecured installment loan for people with bad credit do not re not require collateral.
5. Vehicle bad credit installment loans: Do you have a motor vehicle emergency? Installment loans can get you back on the road in no time. Whether you have a flat tire or other serious vehicle problem, you can apply for an installment loan to take care of all your auto expenses.
6. Personal bad credit installment loans: If you need cash in a hurry, you can take out a personal loan with terms of one to five years. A personal loan can be used for anything.
7. Education bad credit installment loans: Not sure how you are going to pay for college expenses? An education loan just might be your answer.
8. Consolidation bad credit installment loans: Can help you consolidate all your debts by paying them off with one single loan amount.
9. Mortgage bad credit installment loans: Loans for home are known as mortgages. The borrower can make monthly installment payments on the mortgage.
10. Credit Cards bad credit installment loans: Credit card loans are open-end installment loans where you make monthly payments until the loan is paid off.
What to Look Out for When Signing for Bad Credit Installment Loans
· Increase in interest rates: Late payments of installments can lead to increase in the interest rate.
· Early pay off: If you repay the loan earlier than the time period, the early payment penalty can lead to an increase in charges or fees.
· Automatic Loan Payments: You can avoid late fees by setting up a monthly automatic payment withdrawal from your personal checking account. If you choose to go this route, make sure that there is enough money in your bank account on the withdrawal date otherwise you will end up paying an overdraft fee.
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