Payday loan help options are a necessity when attempting to clean up your credit report and get creditors off your back. What very few consumers have ever heard of is what’s called phantom loans. Phantom loans are fake loans made up by payday loan creditors or collection agencies to have people pay on loans in which they never accrued the debt.
The Federal Trade Commission has broken up 13 scams that are like one that came out of India recently where a collection agency was found calling 8 million calls in 8 months to collect on made-up bills. The FTC found it very difficult to protect the victims and receive restitution because the files were sold repeatedly, leaving them with barely any traces of where the money went and who ended up with it.
If anyone has ever dealt with a payday loan collector, they are sure to know about the aggressive scare tactics while lenders try to recover their loans from their customers. If you were responsible for taking the loan and not paying back, then that was your responsibility to fulfill your agreement. What happens if you aren’t responsible? Well that makes a whole different story.
Phantom debt is blended with real debt in ways that are almost impossible to untangle. With approximately $600 billion in debt owed by Americans, it is easy for many borrowers to confuse which loans are theirs and which ones out the list are phantom loans. With collection agencies buying and selling debt numerous times, and to many creditors at once, it is hard for someone to keep up with what’s their real debt and what isn’t.
We at Exit Payday Loans have your solution. By contacting one of our representatives today we can help you decipher if you have been harassed by fake debt collectors trying to collect on false debts. Don’t fall victim to these scams. Call us today!