THE BLOG

31
Jan

$500K grossing store in Las Vegas for sale! PDL, Car Title, Check Cashing…

Ever wanted to own a store in Paradise? Want a tax write-off for those Las Vegas business trips? Now is your chance!
$500K grossing store in Las Vegas for sale!

  • Check Cashing
  • Title Loans
  • Payday Loan ready (licensed but not doing now)
  • Gold/silver/diamond buyer
  • Money gram wire/money orders
  • Bill Pay
  • Debit Cards
  • Gift Card buys
  • ATM via pin pad
  • Phone cards
  • Comes with Dancing Girls! (Not really :o)

Located minutes from the famous Las Vegas Strip, this location sits right off Sahara Ave with approx 80,000 cars per day. The $8,000 digital sign installed 2 years ago lights up the street.

Training to perform all the above services by one of the best, most experienced players in our industry included!

The land lord is easy to work with and flexible. The store has been in business 25 years and is fully built-out with 4 windows and software, safe, etc. Store also has seasoned staff begging to remain.

Asking .75% of gross 50% down 50% 12 months 5% APR. Take off 10% for cash deal.

Owner wants to travel the world with showgirls…. This one won’t last!

For financials and additional info:
Email: LVStore@PaydayLoanIndustry.com (Include your contact info!)
No… don’t call Jer. Shoot an email to contact the seller.

30
Jan

Debt Buying and Collections: 2013 FTC Study Released

The FTC just concluded a 2013 study focused on the debt buying industry. If you’re interested, read on. If not, I suggest you blow “outta here now.”

By Jer Ayles-Ayler: A portion of the key findings and executive summary. (We’ve provided a direct link to the entire FTC PDF at the bottom of this POST.)

PRICES BUYERS PAID FOR PURCHASED DEBT

Buyers paid an average of 4.0 cents per dollar of debt face value.  Analysis of the prices debt buyers paid for debt purchased in more than 3,400 portfolios showed that the average price was 4.0 cents per dollar of debt face value.  Older debt sold for a significantly lower price than newer debt.  The price of debt older than 15 years was virtually zero.  Buyers paid similar prices for debt purchased from original creditors and resellers…

INFORMATION THAT DEBT BUYERS RECEIVED

Buyers typically received the information required for validation notices.  Buyers were likely to have received from sellers the information that the FDCPA currently requires that debt collectors include with validation notices at the beginning of the collection process, including the amount of the debt.  They also either received or were likely aware of the name of the original creditor, which the FDCPA requires that they provide to consumers upon written request.

Buyers also typically received additional information that could make validation notices more useful, but they usually did not provide it to consumers.  Buyers also typically received additional information that, if disclosed to consumers, might help consumers assess whether they are the correct debtor and whether the amount of the debt is correct.  This information included the name of the original creditor, the original creditor’s account number, the debtor’s social security number, the date of last payment, and the date of charge-off.

Buyers rarely received dispute history.  Buyers rarely received any information from sellers concerning whether a consumer had disputed the debt or whether the disputed debt had been verified…

ACCOUNT DOCUMENTATION THAT DEBT BUYERS RECEIVED

Buyers received few underlying documents about debts.  Although buyers received the data file and some other information about the debts, as discussed above, they obtained very few documents related to the purchased debts at the time of sale or after purchase.  For most portfolios, buyers did not receive any documents at the time of purchase.  Only a small percentage of portfolios included documents, such as account statements or the terms and conditions of credit.

WARRANTIES AS TO INFORMATION AND DOCUMENTATION THAT DEBT BUYERS RECEIVED

Accuracy of information provided about debts at time of sale not guaranteed.  In purchase and sale agreements obtained in the study, sellers generally disclaimed all representations and warranties with regard to the accuracy of the information they provided at the time of sale about individual debts – essentially selling debts, with some limited exceptions, “as is.”  The fact…

DEBT BUYERS’ ABILITY TO OBTAIN ACCOUNT DOCUMENTATION

Limitations were placed on debt buyer access to account documents.  Buyers were given a defined amount of time (e.g., typically between six months and three years) to request up to a specified maximum number of documents (e.g., equal to 10% to 25% of the number of debts in the portfolio) at no charge.  After that, buyers were given an additional, defined amount of time to request documents for a fee, usually between $5 and $10 per document, with a maximum number of documents again specified.  Debt sellers usually had substantial time, typically between 30 and 60 days, to respond to requests for documents.  Availability of documents not guaranteed.  Most purchase and sale agreements stated that documents may not be available for all accounts.

Additional limitations applied to the resale of purchased debt.  If debt buyers resold debt to secondary buyers, the original creditors typically had no obligation to provide documents directly to the secondary buyers; instead the secondary buyers were required to forward document requests through the original buyers, which sometimes added additional fees and delays.

CONSUMER DISPUTES OF DEBTS

Consumers disputed 3.2% of debts that buyers attempted to collect themselves.  The data…

VERIFICATION OF DISPUTED DEBTS

About half of disputed debts were reported as verified.  Buyers reported that they had verified 51.3% of the debts consumers disputed.  Older debt…

DEBT AGE AND STATUTE OF LIMITATIONS

Some debt was beyond the statute of limitations, though most was not.  Many states have statute of limitations barring lawsuits to collect on a debt after a certain period, typically between three and six years…

http://ftc.gov/os/2013/01/debtbuyingreport.pdf

28
Jan

Payday Loan Companies Hijacking Web Sites

Jer Trihouse Payday Loan Industry ResourcesBy Jer Ayles-Ayler

Payday loan brokers are hacking into unrelated websites to divert their history and status to the payday loan lead generators’ domain. Web site hijacking improves the PDL lead generators ranking on Google leading to millions in profits for the lead brokers.

These findings come as the Office of Fair Trading (OFT-UK)) prepares a report on the “dirty tricks in the payday loan market,” due to be published in February, 2013.

Sky News writes, “Google’s natural listings system can be tricked. Sky News found three payday websites that were stealing the credibility of other websites to boost their ranking. The target victim sites included a music business, a graduate website and even a church website.”

Read the entire piece written by Jason Farrell, Sky Correspondent:
“Payday Loan Sites’ Dirty Tricks To Boost Traffic”
http://news.sky.com/story/1043410/payday-loan-sites-dirty-tricks-to-boost-traffic

Email Jer: Jer@PaydayManual.com  PDL Resources:  http://www.PaydayManual.com 

23
Jan

DFC Global Corp Earnings Report-Q2 2013

DLLR (NASDAQ) will conduct an earnings call Thursday, January 24th at 5:00 p.m. ET. (Get link below).

From their web site:

“DFC Global Corp. is a leading, international, diversified non-bank financial services company that has served under-banked consumers and small business owners for over 30 years. Through our retail storefront locations, websites and mobile platforms, we provide a range of consumer financial products and services in nine countries (the United Kingdom, Canada, the United States, the Republic of Ireland, Sweden, Finland, Poland, Spain and the Czech Republic). Our customers look to us…”

“Our products are principally unsecured short-term consumer loans, secured pawn lending, check cashing services and gold-buying services that provide customers with immediate access to cash for living expenses or other temporary needs. We also offer high-value ancillary services, including Western Union® money order and money transfer products, electronic tax filing, reloadable VISA® prepaid debit cards, foreign currency exchange, and other services.”

Note: Webcasts are typically available for 30 days. Visit http://www.dfcglobalcorp.com/ if you miss the live event. Link to join the Conference Call for DFC Global

22
Jan

Mississipi Financial Service Centers – Alert

For those of us interested in Mississippi: HB559

The House Bill removing the repealer on the Check Cashing industry was passed out of the Banking and Finance Committee today.  There is a strong possibility that it will be taken up on the floor of the House of Representatives tomorrow (Wednesday). We need to ask Legislators to please vote to pass the bill exactly as it came out of committee with NO MENDMENTS!

Please take a moment to contact YOUR STATE REPRESENTATIVE and convey this message.  You may click on the link below to find the phone number for your Representative.  Be ure to call them at the Capitol Office and not their home phone.

Sample Script:
May I please speak to or leave a message for Representative XYZ?  This is Jane Doe from Quick Cash in Corinth, Mississippi.  I’d like to ask him to please support HB559 exactly as it passed out of committee – with no amendments.  Please ask him to call me if he has any questions concerning the bill.  (Be sure to leave your name and phone number)

House Legislative Roster and Contact Info: http://billstatus.ls.state.ms.us/members/h_roster.pdf

Mississippi-Financial-Service-Centers
ANNUAL MEETING!
With the Legislative developments announced above, it is even more important that you make plans to attend the FSCM Annual Meeting on Thursday.  We will hear from our Legislative Lobbyists and will discuss important strategies for the rest of the Session that will impact our industry for years to come.
WHEN: Thursday, January 24, 2013
WHERE: Jackson Hotel
310 Greymont Ave
Jackson, MS
TIME: 6:00 pm  KC Grist –  Executive Director    662.255.9726