Updated: October 29, 2015
Originally posted: February 29, 2012
Scammers posing as: Insight Capital, TTG Services
The Washington State Department of Financial Institutions (DFI) warns consumers to verify the identity of anybody attempting to collect a debt. DFI also warns consumers to verify that the debt that being collected is debt that the consumer actually owes. DFI urges consumers to verify this information before making payment arrangements or giving nonpublic personal information to anybody attempting to collect a debt.
DFI has received numerous complaints about what appears to be a debt collection scam. Consumers report receiving phone calls from individuals claiming to collect debt owed to Insight Capital/TTG Services. The consumers report that they do not owe debt to Insight Capital/TTG Services.
The callers use harassing collection methods, including threats of criminal prosecution and threats to come to consumers’ places of employment. In at least one case, the consumer began making payments on the purported debt. However, the consumer continued to receive harassing collection calls.
DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature at DFI’s website, www.dfi.wa.gov.
Consumers can determine whether collection agencies are properly licensed at the Washington State Department of Licensing’s website. Go to www.dol.wa.gov/business/checkstatus.html and click “Search business and professional licenses.”
Debt Collection Laws
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 382-4357 (1-877-FTC HELP), or online at www.ftc.gov.
Washington State residents, if you are suspicious of unlicensed activity by a payday lender please contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov. If you are suspicious of a collection agency, you may also contact the Washington State Department of Licensing or the Washington State Attorney General’s Office. For more information, go to www.dol.wa.gov/business/collectionagency/colrights.html.
If you live in another state, find the regulator in your home state on the NMLS website.
If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov; or contact the Consumer Financial Protection Bureau (855) 411-CFPB (2372) or online at www.consumerfinance.gov. 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.
If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.
If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.