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Pay Day Loan Collection Scam

From District Attorney Carol Chambers
May 16, 2011
 
Pay Day Loan Collection Scam
 

The District Attorney's Office has received numerous calls from consumers who have received threatening phone calls from perpetrators who claim to be trying to collect on an unpaid "pay day" loan.  The callers are pretending to be law enforcement agents or attorneys who threaten the victims with immediate arrest if they do not make payment on a loan they took, but did not repay.  The majority of targets have never taken a pay day loan, so are immediately suspicious of the calls.  The callers, however, continue to call, becoming more aggressive and threatening with each new call. Several callers have reported feeling very threatened and anxious after receiving these calls.

 

The District Attorney advises that these callers are believed to be outside of the United States and pose no imminent threat to Colorado residents.  Any request to immediately wire funds to the caller, or to provide a credit card number for payment should be ignored.  If you have ever received a pay day loan and want to insure that there is not a collection in process, contact the pay day loan outlet where you arranged the loan.  Do not seek information from the person who is threatening you.  And if the calls continue, just hang up.  Do not engage the caller in any future conversations.  Eventually the calls will stop when the caller realizes you are not going to fall for his/her scam.  If you have questions or need help with one of these scams, contact your local law enforcement agency.
 
Need Help? Have Questions? Call the Consumer Protection Line at (720) 874-8547.
 


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