Payday Loan Collection Scam
April 29, 2013
It has been reported to the Washington State Department of Financial Institutions (DFI) that a consumer was contacted multiple times via email by an individual identifying himself as "Officer Nishant Sharma", interchangeably stating that he represented companies Cashnet Payday, ACS Incorp., Cash Net USA, and Payday Services regarding a delinquent payday loan. However, the consumer did not have an outstanding payday loan.
The representative contacted the consumer and threatened legal action against the consumer unless the requested fees were paid immediately. The representative also threatened to contact the consumer’s employer. The consumer was urged to send payment to India by MoneyGram or Western Union.
The consumer provided the following email address that is allegedly tied to the company: firstname.lastname@example.org.
Cashnet Payday, ACS Incorp., and Payday Services are not licensed by the Washington State of Department of Financial Institutions as a payday lender, or by the Washington State Department of Revenue Business Licensing Service as a collections agent.
CNU of Washington - CashNetUSA.com is Licensed
Although one of the companies the representative is purporting to be from is Cash Net USA, it should be noted that CNU of Washington, d/b/a CashNetUSA website: www.CashNetUSA.com is licensed with the Department of Financial Institutions. There is no indication that these emails are being sent on behalf of this licensed company. According to CashNetUSA’s website, the company has been targeted by several unidentified and illegal organizations that are falsely claiming to be debt collectors representing their company. To learn more, you may visit the company’s website at: www.cashnetusa.com/consumer-notices.
Collection activities are subject to the federal Fair Debt Collection Practices Act. Therefore, if you have questions regarding debt collection laws please contact the Federal Trade Commission at 1-877-FTC HELP, or online at www.ftc.gov.
Also, if you feel you have been a victim of a scam contact the Federal Trade Commission. Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov.