Consumer Alert: Scammers Claiming to Express Advance America Target Maine People

Consumer Alert: Scammers Claiming to Express Advance America Target Maine People

Business provides strategies for avoiding cash advance and debt collection frauds

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Nov 13, 2014, 05:50 ET

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SPARTANBURG, S.C., Nov. 13, 2014 /PRNewswire-USNewswire/ — Advance America, a nationwide provider of payday loans and other economic solutions, has become conscious of a unique revolution of frauds focusing on customers in Maine. These scam music artists, posing as Advance America representatives to gather cash from naive customers, have been in no real method associated with the business. As a result of state regulations, Advance America will not presently offer loans that are payday Maine residents.

In the last couple weeks, in specific, scammers have actually contacted Maine residents claiming they’ve been pre-approved for a financial loan,

After which asking them to acquire a prepaid debit card or wire cash as a “processing cost” or “good faith deposit. ” Various other situations, scammers look for to gather on “unpaid” cash advance financial obligation, usually threatening arrest or appropriate action or demanding individual monetary information within the phone. Scammers went so far as sending residents fraudulent loan papers with the Advance America logo design.

“Scammers often utilize the trustworthiness of a genuine, respected business to con victims from their cash, ” stated Patrick O’Shaughnessy, president and CEO of Advance America. “Legitimate payday loan providers such as for example Advance America are very managed at both hawaii and level that is federal will not make use of the type of fraudulent and unlawful strategies used by scam music artists. “

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What are the results if i can not repay my loan?

What are the results if i can not repay my loan?

What you should do in the event that you skip numerous loan repayments

Defaulting on that loan probably will result in serious effects such as getting your financial obligation handed down to a group agency or becoming taken up to court. When you yourself have a loan guaranteed with an automobile or your house, then maybe it’s repossessed to recoup the expense.

You will get an adverse mark on your credit file, that may seriously influence your credit rating and sharply raise your recognized danger whenever trying to get other loans in future.

Then you may have to file for bankruptcy, which would damage your chances of being approved for a loan ever again if you still cannot repay your debts.

One choice which you can use in order to avoid the path of bankruptcy can be an IVA – a person arrangement that is voluntary.

An IVA can be an arrangement amongst the financial institution while the consumer which generally agrees to freeze the interest which help decrease the amount that is overall need certainly to repay. Read More