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Phantom Debt Collector Scam Hits Payday Loan Borrowers
Angry business man screaming on cell mobile phone, portrait of young handsome businessman isolated over white background, concep
mast3r/Shutterstock
By Herb Weisbaum

Scammers are very good at impersonation. So when the phone rings and the person calling claims to be a debt collector, you need to be suspicious -- even if they have a lot of personal information about you. It could be a con artist running the "phantom debt collector" scam.

These telephone swindlers often pretend to be with a law firm, government agency or police department. "They might threaten garnishment of your wages or seizure of your assets, all the way up to arrest and jail time if the consumer does not pay on this debt right away," said John Breyault, who runs the National Consumers League's Fraud.org website.

These phone bandits commonly target people who've taken out -- or simply applied for -- an online payday loan. They sound credible because they have all the personal information needed to apply for the loan. "The fact that they have this incredible amount of personal information is part of the reason why people pay them," said Elizabeth Scott, an attorney with the Federal Trade Commission. "Victims are convinced that only someone who they legitimately owe money to would have this information."

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Phantom Debt Collector Scam Hits Payday Loan Borrowers
Angry business man screaming on cell mobile phone, portrait of young handsome businessman isolated over white background, concep
mast3r/Shutterstock
By Herb Weisbaum

Scammers are very good at impersonation. So when the phone rings and the person calling claims to be a debt collector, you need to be suspicious - even if they have a lot of personal information about you. It could be a con artist running the "phantom debt collector" scam.

These telephone swindlers often pretend to be with a law firm, government agency or police department. "They might threaten garnishment of your wages or seizure of your assets, all the way up to arrest and jail time if the consumer does not pay on this debt right away," said John Breyault, who runs the National Consumers League's Fraud.org website .

These phone bandits commonly target people who've taken out - or simply applied for - an online payday loan. They sound credible because they have all the personal information needed to apply for the loan. "The fact that they have this incredible amount of personal information is part of the reason why people pay them," said Elizabeth Scott, an attorney with the Federal Trade Commission. "Victims are convinced that only someone who they legitimately owe money to would have this information."

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WASHINGTON -- The seemingly endless process of resolving America's debt crisis may be giving America and its democratic form of governance a bad name in China, where much of that debt is held.

"This is a big issue -- what is it about the democratic process that is preventing [America] from getting something done?" said Charles Freeman III, a China policy expert at the Center for Strategic and International Studies. "What I think Chinese officials prize more than anything is stability and predictability. To do that they want to know the way forward, and this kind of activity is completely flabbergasting."

No place outside the U.S. has more invested in the outcome of the debt ceiling debate than China: as America's largest creditor, China currently holds some $1.5 trillion in Treasury securities; about one-third of its currency reserves are in the dollar.

And yet on Monday, when Secretary of State Hillary Clinton arrived in China for the final leg of a ten-day trip across Asia, she spent about as much time justifying to the Chinese the "political wrangling" that has been part of the deliberations as she did reassuring them that she was certain the crisis would soon end.

"These kinds of debates have been a constant in our political life throughout the history of our republic -- and sometimes, they are messy," she said in a speech in Hong Kong. "But this is how an open and democratic society ultimately comes together to reach the right solutions."

Not everyone in China is so convinced.

"I fully understand her points, and I agree with her, that democracy sometimes makes things difficult, but that in the end they can make a compromise," says Shen Dingli, the executive dean of the Institute of International Studies at Shanghai's Fudan University.

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The Senate voted 55 to 43 Wednesday to raise the debt ceiling more than two weeks ahead of the deadline, marking an end to a string of budget battles that have paralyzed Washington over the last three years. Democratic and Republican leaders voted in unison, ensuring the country didn't default on its debt, but it may be one of the last times Congress comes together this year.

The nail-biting vote hung in the balance for nearly an hour as Republican lawmakers clambered over who among them would provide the votes needed to overcome a procedural hurdle. Most notably, Republican Sens. John Cornyn of Texas and Mitch McConnell of Kentucky, both facing re-election with primary challengers in 2014, helped move the vote forward.

[READ: Republicans Give Up Fight on Debt Ceiling]

When President Barack Obama signs the bill to increase the country’s borrowing limit this week, it will mark a victory for Democrats on a major economic battle. After rounds of debt ceiling showdowns, the president is left standing firm in his promise that he would not negotiate over the “full faith and credit of the United States.”

He didn't get there alone, however. House Democrats provided the bulk of the votes ensuring passage in the lower body Tuesday, after House Speaker John Boehner decided to forge ahead on a clean vote despite conservative groups' objections. Before the vote. House Minority Leader Nancy Pelosi, D-Calif., promised Boehner she’d put up a large enough volume of Democratic votes to protect his right flank and embattled Republican rank-and file from having to be on record increasing the debt ceiling, a vote conservative campaign groups hammer against in primary elections. Pelosi got all but two of her members to vote ‘yes’ so Boehner could let all but 28 of his members vote ‘no.’

Republican leaders stepped up to move the president’s request forward and ensure efficiency in an era of divided government this time, but don’t expect it to last. even though Democrats have a long list of agenda items they would like to tackle before the midterm election. The wish list includes:  increasing the minimum wage to $10.10, extending long-term unemployment insurance and sending a comprehensive immigration bill to the president’s desk before November. But even after Democrats managed to pass a  debt ceiling bill without any policy strings attached, they aren’t in a stronger position to lobby for their legislation. Congress remains in an election cycle, which typically slows the body's appetite for passing new laws and hinders bipartisan cooperation. House aides confirmed Boehner won’t be adopting the debt ceiling strategy to pass a comprehensive immigration bill anytime soon.

“This doesn’t create any real political capital for Democrats,” says Sarah Binder, a congressional expert at the Brookings Institution. “It simply needed to be done.”

[OPINION: Boehner Gets the Debt Ceiling 'Monkey' Off the GOP's Back]

If anything, the lack of drama over the debt ceiling could be a political liability for Democrats. With the debt ceiling vote out of the way, Republicans have more room to attack Democrats on the campaign trail for their support of the unpopular Affordable Care Act and stagnant growth in the economy.

“This was the last deadline bill, the last drop dead bill. Now we can focus on whatever bills Republicans want to bring up,” says Rep. Peter King, R-N.Y.

King argues that by forcing Democrats to put up the majority of the votes, some of the tea party Republicans are the ones who are walking away with the political capital. They avoided the calamity of a debt default without being held accountable for raising the debt ceiling in primaries back home. While Boehner gave many Republicans the option to tie the debt ceiling vote to a policy item, Republicans didn't want to vote for anything that forced them to vote in support of increasing the country's borrowing limit.

“All these great geniuses who came to Washington to vote to reduce the deficit and cut spending were begging John Boehner to have this go to a clean vote,” King said. “It was total hypocrisy.”

Adding to the Democrats' woes is that the debt ceiling vote is likely to fall low on the list of items voters are paying attention to. Experts observe the public notices if the country defaults, but most voters are not tuned in enough to know that Democrats won any debate.

“No one wants to talk about debt,” says Binder.

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On Friday, America’s debt limit extension expires and Congress is expected to renew its legal $16.7 trillion debt cap. If the debt limit isn’t raised, the US could burn through its cash as soon as February 28, Secretary Treasurer Jacob Lew warns.

“Time is short. Congress needs to act to extend the nation’s borrowing authority, and it needs to act now,” Lew told an audience at the Bipartisan Policy Center, a Washington DC think tank.

On Friday, February 7, Congress will vote to increase the statutory debt limit, which will enable the government to pay for spending bills it has already passed.

"Without borrowing authority, at some point very soon, it would not be possible to meet all of the obligations of the federal government," Lew said.

The Bipartisan Policy Center has also calculated if policymakers don’t act, the Treasury won’t have enough cash-on-hand to pay for government programs, but estimates the ‘X date’ – when the US runs out of money- will fall between February 28 and March 25, with a high probably it will occur on or before March 14.

Image from Bipartisan Policy CenterImage from Bipartisan Policy Center

Spring tax season makes the maneuver all the more tricky. This is the time of year the federal government is sending out tax refund checks, an additional drain on the country’s cash pile. Spending in just one day in March could exceed $10 billion.

Because the next months will be cash-tight, Lew and other policymakers strongly urge Congress to raise the public borrowing limit.

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Jan 4 (Reuters) - Dubai developer Nakheel plans to repay up to 4 billion dirhams ($1.1 billion) of bank debt due in 2015 this year, with around 2.35 billion dirhams earmarked for payment in the first quarter of this year, its chairman said on Saturday.

Nakheel was taken over by the government as part of a $16 billion rescue plan completed in 2011, following the bursting of a real estate bubble in the emirate in 2009.

However, the property market rebounded in 2013, with prices up around 22 percent versus 2012. They had plummeted more than 50 percent from their 2008 peak when the sector crashed.

As a result of the bounce back, Nakheel will not require further government support and is targeting annual profit growth of 15 percent, Ali Rashid Lootah told reporters at a press conference.

Nakheel will also have no problems repaying an Islamic bond, due in 2016, which it issued to trade creditors as part of its restructuring plan due in 2016, Lootah said. The bank debt it is repaying early is part of a $2.2 billion loan facility due next year. (Reporting by Praveen Menon; Writing by David French; Editing by)

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 The U.S. is in the midst of a private debt crisis.

As of March 2014, American consumers owe $11.52 trillion in debt, an increase of 1.6% from last year. The average household owes $7,115 on their credit cards and the average indebted household owes $15,252. Americans owe $8.05 trillion in mortgages (the average mortgage debt being $152,209) and $1.08 trillion in student loan debt. When combined with corporate debts the U.S. collectively owes about $28 trillion in private debt.

Related: China heading toward a debt crisis with global ramifications: Banking vet

“Every major crisis of our lifetime has been caused by a rapid increase of our private debt,” says Richard Vague, chair of the Governor’s Woods Foundation. “They all were a function of runaway private lending.”

People focus too much on government debt, argues Vague, when they should be attempting to quell private debt.

Related: Exploding student loan debt threatens the housing recovery

“There’s reputed to be 10 million mortgages that are still underwater,” he says. “There’s perhaps a half or ¾ of a trillion in second-lean loans that are still a problem and haven’t been dealt with. Those to us are logical candidates for restructuring programs.”

Restructuring loans is a controversial issue and there’s little incentive for banks to do so. Vague suggests allowing banks to spread the losses over a very extended period of time with a one-time dispensation that says "you can spread your losses over 30 years if today you go to the borrower and restructure with them’ they would get rid a problem and get to clean things up.” 

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The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates.

The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion, according to the Bank for International Settlements and data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S. economy.

Borrowing has soared as central banks suppress benchmark interest rates to spur growth after the U.S. subprime mortgage market collapsed and Lehman Brothers Holdings Inc.’s bankruptcy sent the world into its worst financial crisis since the Great Depression. Yields on all types of bonds, from governments to corporates and mortgages, average about 2 percent, down from more than 4.8 percent in 2007, according to the Bank of America Merrill Lynch Global Broad Market Index.

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Mpilo Hospital has hired Wellcash Debt Collectors to attach and auction property of resi

dents with outstanding debts. The debt collectors have been sending letters threatening to attach residents’ properties within 48 hours.

In one notice to a Nkulumane resident who owes Mpilo $577, Wellcash Debt Collectors wrote: “A penalty fee based on the prevailing rate will be charged if you do not pay within the stipulated period.

“Note that you shall pay the overdue amount plus summons costs as court fees and interest thereof as well as further costs incurred by engaging the Messenger of Court in pursuit of the debt. Civil imprisonment proceedings shall be taken against you if you do not have enough assets to clear the debt.”

In a petition, Bpra advocacy and programmes manager Emmanuel Ndlovu described the move as evil and asked for the Health ministry and Parliament to intervene and protect residents from having their property seized.

“Bpra believes that it is immoral, insensitive and cruel for public institutions such as Mpilo Hospital to go to the extent of issuing summons to residents in arrears and seizing their properties in the name of recovering debts,” Ndlovu’s petition reads.

“The association believes that the institution is missing the point by assuming that residents do not want to pay, yet the reality is that they cannot afford to pay due to Zimbabwe’s rundown economy which has an unemployment level of over 80% and where most workers earn salaries way below the poverty datum line of about $540.

“It is the association’s contention that issuing summons against residents and getting court orders to seize their belongings effectively erodes the social contract between residents and public service providers, leading to a failure by such institutions to meet their obligations to provide services as a human right.

“The association would like to remind these institutions that Zimbabwe’s new Constitution recognises access to healthcare as a human right, with Chapter 2 Section (29) (1) obliging the State to ‘take all practical measures to ensure the provision of basic, accessible and adequate health services throughout Zimbabwe’.”

Mpilo Hospital chief executive officer Lawrence Mantiziba has defended the attachment of residents’ properties as necessary to recover money owed by former patients.

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WED, MARCH 26, 2014 - 12:00 AM

GOVERNMENT SENATOR Jepter Ince disputes the Owen Arthur administration's stated reason for selling the Barbados National Bank (BNB) 11 years ago as a response to low foreign reserves citing instead a debt problem.

Ince, Parliamentary Secretary in the Ministry of Economic Affairs, was speaking on Monday in the Senate during debate on the 2014 Appropriation Bill, of which the Estimates - approved last Friday by the House of Assembly - is the Schedule.

He insisted that the sale of the then state-owned bank had nothing to do with the foreign reserves or that the shares would fetch the highest price, "but because of the debt that was owed".

He insisted that in 2003, the Barbados Labour Party sold 57 per cent of the BNB shares to Republic Bank of Trinidad and Tobago, giving it a controlling interest.

"They said it was the result of low foreign reserves and that they needed the foreign exchange," he recalled.

But Ince pointed out that the foreign reserves in 2003 increased by $ 374.3 million.

The economy recovered from the difficulties in 2002, he said, strengthened in 2003 with gross domestic product (GDP) expanding by 2.2 per cent mainly due to tourism.

"And you are going to say to the public that is why you sold the BNB because you needed the foreign exchange and the economy was in trouble?

"Total Government revenue grew by 7.7 per cent. There was a deficit at the time of $ 165.4 million. How did they finance the deficit? $ 45.7 million out of National Insurance and [they] borrowed on the international market $ 63.9 million. "

He said when that amount was converted by 2.0388, "you will get approximately $ 132 million and then you add that to $ 45.7 and you would see that it outstrips the deficit".

"So when you sold the BNB shares for $ 189 million, your economy grew by 7.7 per cent, and your foreign reserves increased by $ 374 million as a result of Government revenues.

"The reason why they sold it was because of the debt; you know, creative accounting, the monies that were borrowed by letters of comfort. They borrowed from the BNB. They had the National Insurance Scheme (NIS)

at their disposal and the BNB at their disposal; at that time, they controlled

57 per cent. They were indebted to BNB in ​​2002 by $ 385.03 million;

by 2003, that indebtedness went to $ 413.3 million

and they borrowed additional loans. "

He said once the letters of comfort expired, the Government had to go

to Parliament to seek guarantees and Barbadians would then have been made aware

of all of that debt with the BNB and that was the reason the bank was sold.

"I tell them to challenge me on that," Ince declared.

The 2014 Estimates,

he added, was not about destabilising the economy but about protecting the economic resources.

He said the Appropriation Bill identified what were the challenges facing the economy - a persistent, hostile, speculative global environment in which the island functioned - and contained what the Government intended

to do to make sure the country remained economically viable. (AB)

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(Reuters) - President Barack Obama signed legislation on Saturday that raises the U.S. debt limit through March 2015, taking the politically volatile issue off the table with congressional elections coming up this November.

Without an increase in the statutory debt limit, the U.S. government would have soon defaulted on some of its obligations and would have had to shut down some programs, an historic event that would have caused severe market turmoil.

On a long holiday weekend in a desert resort area in southern California, Obama put his signature on the legislation without fanfare, while behind closed doors at the Sunnylands retreat.

It was a quiet end to the latest chapter in what has been one of the more challenging aspects of his presidency, as he and his fellow Democrats have repeatedly sparred with Republicans over increasing the country's borrowing authority.

Extending the debt ceiling to March 2015 means the issue may not get caught up in election-year politics.

Congress had given final approval to the increase after final action in the Senate on Wednesday, but only over the objections of Texas Republican Ted Cruz, a favorite of the conservative Tea Party movement. It appeared at first there would not be enough Republicans to join the Democratic majority and advance the bill.

But a decision by Senate Republican leader Mitch McConnell and No. 2 Senate Republican John Cornyn, who are both up for re-election this year, to vote to advance the measure ensured that it would survive.

The House of Representatives, where Republicans hold a majority, passed the measure in a close vote on Tuesday after Republicans dropped the confrontational tactics they had used in similar votes over the past three years.

The advance of the measure has brought relief to financial markets. Investors were becoming increasingly jittery ahead of February 27, the date by which the U.S. Treasury had been warning its borrowing authority would be exhausted, putting federal payments at risk.

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More than 20 million people - nearly half the adult population - are worried about their debt levels, according to a new survey by R3, the insolvency trade body.

One fifth of UK adults said that they were said that they were 'very' or 'extremely' worried about their current debts, up from just 12 percent in February.

Over two fifths of people (42 percent) of GB adults say that they struggle to make it to payday. The majority of these people blame the rising cost of living for their financial difficulties.

R3's president Liz Bingham says: "Although the economy is starting to pick up, many families are finding themselves left behind, weighed down by the cost of the day-to-day.

"Many people are struggling to afford the absolute essentials. It is hard to see the situation improving over the rest of the year, especially given the run-up to Christmas coming up in the autumn."

A spokesman for StepChange Debt Charity said: "These figures only serve to highlight the precarious financial position that many people find themselves in. Anyone struggling with financial difficulties should seek debt advice at the earliest opportunity ".

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airo / Dubai: After Egypt's new finance minister took office last month, one of his first acts was to downgrade the government's assessment of its finances. Hany Kadry Dimian said this year's budget gap would be about a third bigger than his predecessor estimated.

He was acknowledging what may become the biggest threat to Egypt's economic recovery after years of political turmoil: a rising public debt burden.

Since Islamist President Mohammad Mursi was ousted last July, billions of dollars in aid from allied governments in the Gulf have eased most of Egypt's pressing economic problems. Its currency has stabilised, fuel shortages are less severe and the government has resumed spending on economic development projects.

Investors are celebrating; stocks have rocketed to levels last seen before the 2011 revolution while the yield on Egypt's $ 1 billion (Dh3.7 billion) sovereign bond due in 2020 hit 5.33 per cent this week, its lowest level since December 2012 and down a whopping 5.8 percentage points since mid-2013.

But Egypt's state finances are still getting worse, and a Reuters analysis suggests they will continue deteriorating into the second half of the decade, at the very least. In that time, the ratio of public debt to gross domestic product may rise above 100 per cent, a level viewed as potentially dangerous by many economists.

In the worst case, the debt could become so large that servicing it eats up an ever-increasing share of government spending, creating a vicious circle. At a minimum, the debt could crowd out spending by the private sector, adding to Egypt's political tensions by slowing job creation.

"Egypt is spending more than it can borrow given the low gross domestic product growth rates," said Mustafa Bassiouny, Cairo-based economist at Signet Institute.

"It's about having faith that you can repay ... Egypt would have to grow around five or six per cent in the next three years and that's highly unlikely. It hasn't yet reached a dangerous point, but it's on a very dangerous trajectory. "

The political turmoil has worsened the situation by more than halving the GDP growth rate, hurting tax revenues. With private investment weak because of political and economic risks, the government is having to try to revitalise the economy with state spending packages - further adding to the debt.

Although Gulf aid is keeping Egypt afloat and more is expected in coming months and years, it is adding to the debt, not reducing it. Of $ 10.7 billion received since last July, $ 6 billion was lending which will need to be repaid rather than grants of cash or petroleum products.

A simple spreadsheet model of Egypt's public debt, created by Reuters, suggests it will be several years before the ratio of debt to GDP, which was 89.2 per cent in the fiscal year to last June, levels off and starts to fall.

Dimian said real GDP would grow about 2.3 per cent this fiscal year. If the economy keeps growing at that speed, and other factors such as the budget balance and interest rate paid on the debt stay the same, the debt-to-GDP ratio will rise above 100 per cent in the fiscal year to June 2017, the model shows.

Relying entirely on faster economic growth to solve the problem doesn't look feasible. Even if GDP growth jumped next fiscal year to 4.3 per cent - Egypt's average since 2000 - and stayed there, the debt-to-GDP ratio would keep rising through the end of this decade, though at a slower rate.

That means state spending growth will have to be slowed and revenue growth accelerated in coming years. But the structure of spending makes cuts very difficult.

Out of 717 billion Egyptian pounds (Dh378 billion) of projected state spending in the current fiscal year, 25.4 per cent is earmarked for interest payments on the debt.

While the government has succeeded over the past nine months in bringing down the average interest rate it pays, by conducting fresh borrowing at longer maturities and borrowing Gulf money at preferential rates, there may be little room for further such savings - at least while debt remains so high. dubai debt recovery

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Like our page to get more news about debt Https://www.facebook.com/dubaidebtrecovery SACRAMENTO, Calif. - California's attorney general sued one of the nation's Largest banks Thursday, alleging That JPMorgan Chase used illegal tactics in its Efforts to collect debts from more than 100,000 credit card holders. It's the first color: such lawsuit in the nation, said Spokesmen for both the company and the attorney general. The lawsuit filed in Los Angeles Superior Court says the company filed Thousands of debt collection lawsuits each month between April 2008 and 2 011 using improper Practices That shortcut Procedures required by California law. JPMorgan Chase & Co.. (JPM) Spokesman Paul Hartwick said the company had no comment. "Nearly At every stage of the collection process, Defendants cut corners in the name of speed, cost savings, and their own convenience, Providing only the thinnest veneer of Legitimacy to their lawsuits , "the complaint says. It alleges the company sued borrowers "based on patently insufficient evidence - betting that borrowers would lack the resources or legal sophistication to call defendants' bluff."

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