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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.”