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West Virginia Consumer Protection News
Advance Fee Loan Scams On The Rise
According to the Montana Consumer Protection Office, Advance Fee Loan (AFL) companies have already victimized hundreds of thousands of consumers around the country, and have inflicted millions of dollars in consumer injury. AFLs usually advertise in classified sections of newspapers, offering loans of $1,000 to $15,000 to consumers who have bad credit or no credit. When a consumer calls the company's number, often an 800 or 900 number, seeking a loan, an AFL telephone salesperson, or "loan broker," asks a few basic questions about the consumer's income, and then tells him or her to call back in 10 or 15 minutes. Invariably, a consumer who calls back is told that the requested loan has been approved. The loan broker then tells the consumer that he or she must send a money order -- usually between $200 and $300 -- as a "processing" or "application" fee, and that the money order must be sent by overnight mail, purportedly so that the promised loan can be delivered within a week or ten days. The loan broker promises the consumer orally that the processing fee will be returned if the loan "offer" is at some later point rescinded. The victimized consumers unfortunately never recover their "processing" fees.
If you are not dealing directly with a lending institution on your own behalf, the following guidelines will help you avoid being victimized by an advance fee swindler:
Know who you are doing business with. Obtain the name of the loan representative and the name, address, and telephone number of the company.
Don't accept the promoter's claims of guaranteed loan services at face value.
Insist on being told the name of the lending institution which supposedly will fund your loan.
Verify with the supposed lender all oral and written representations made by the promoter regarding support from that lender.
Ask for names, addresses, and phone numbers of other customers of the promoter, and contact them to see if they got their loans.
Consider consulting an attorney or accountant for advice.
Remember: Ask yourself why the promoter can obtain a loan for you from a legitimate lender when you yourself have been turned down for a loan, perhaps many times. Take care of your precious assets by exercising caution when asked to pay a loan fee in advance.
Definition:
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.
Fake Check Scams
Definition:
Fake check scammers hunt for victims. They scan newspaper and online advertisements for people listing items for sale, and check postings on online job sites from people seeking employment. They place their own ads with phone numbers or email addresses for people to contact them.
Lemon Law Protection
Definition:
Lemon Law applies to any new vehicle purchased and registered laws are by state
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