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Usually do not purchase, offer, or gather on these debts
By: Christopher Koegel, Assistant Director, Division of Financial methods | Mar 21, 2016 11:19AM
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We’ve learned that portfolios of so-called cash advance debts serviced by AMG solutions are circulating into the business collection agencies market. The lenders that are alleged USFastCash, 500FastCash, OneClickCash, Ameriloan, United Cash Loans, AdvantageCashServices, and StarCashProcessing. However these so-called debts are bogus. The customers usually do not owe the debts that are alleged while the loan providers have not authorized, assigned, or offered any one of their loans for third-party collection.
There might be without doubt why these loans are bogus. The previous basic counsel of AMG Services signed a statement under penalty of perjury within the FTC’s lawsuit against Delaware possibilities, saying that USFastCash, 500FastCash, OneClickCash, Ameriloan, United money Loans, AdvantageCashServices, and StarCashProcessing loans have not been placed with, or offered to, any party that is third collection.
So, just what does all that mean? If you should be in control of just one of the portfolios, usually do not make an effort to collect these debts, or you will need to offer the portfolio to someone else. If somebody attempts to offer a profile of those debts for your requirements, don’t purchase it.
Them to someone else, you will likely be violating either the Fair Debt Collection Practices Act, the Federal Trade Commission Act, or both if you do attempt to collect on these debts or sell. Certainly, the FTC has already sued one commercial collection agency business for, among other items, continuing to get using one among these portfolios after being informed by AMG that the loans had been bogus.
When you have any information on portfolios of purported USFastCash, 500FastCash, OneClickCash, Ameriloan, United money Loans, AdvantageCashServices, or StarCashProcessing loan that is payday being bought, offered, gathered upon, or peddled, be sure to contact Michael Goldstein at mgoldstein@ftc.gov or 202.326.3673.