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This new Loan Sharks, Payday lenders do have more tricks up their sleeves

Payday loan providers additionally collect debt from aggressively borrowers whom bounce checks, also garnishing (seizing) Social protection advantages. Theoretically, the 1935 personal protection Act bars creditors from garnishing advantages. But as the deal often takes place amongst the loan provider and an area bank, it frequently escapes regulatory notice. That is exactly what Randy Morse of Lynchburg, Virginia, discovered each time a neighborhood allied advance loan socket threatened their 96-year-old mom with garnishment final March. Continue reading