Cash Advance industry - another wolf of Wall St

And this is happening now…

https://www.bloomberg.com/graphics/2018-confessions-of-judgment/?cmpid=BBD112118_MKT&utm_medium=email&utm_source=newsletter&utm_term=181121&utm_campaign=markets

Wow, that’s insane.

We are talking about what we call shark loans, except this one is a whale. With guns and the law behind it.

For what I read, most of these individuals could have benefited from creating their own rainy days account by putting 10% of their gross income, up to $2.3 million into that program. That is money not touched by the tax guy, nor banks, nor crediting companies.

Btw, what am I doing wrong? Any urls I am including in my posts have not recently been pulling the webpage preview.

Look out, the stranger on the phone warned. They’re coming for you.

The caller had Janelle Duncan’s attention. Perpetually peppy at 53, with sparkly jewelry and a glittery manicure, Duncan was running a struggling Florida real estate agency with her husband, Doug. She began each day in prayer, a vanilla latte in her hand and her Maltese Shih Tzu, Coco, on her lap, asking God for business to pick up. She’d answered the phone that Friday morning in January hoping it would be a new client looking for a home in the Tampa su
burbs.

The man identified himself as a debt counselor. He described a bizarre legal proceeding that he said was targeting Duncan without her knowledge. A lender called ABC had filed a court judgment against her in the state of New York and was planning to seize her possessions. “I’m not sure if they already froze your bank accounts, but they are RIGHT NOW moving to do just that,” he’d written in an email earlier that day. He described the lender as “EXTREMLY AGGRESSIVE.” Her only hope, the man said, was to pull all her money out of the bank immediately.

His story sounded fishy to the Duncans. They had borrowed $36,762 from a company called ABC Merchant Solutions LLC, but as far as they knew they were paying the money back on schedule. Doug dialed his contact there and was assured all was well. They checked with a lawyer; he was skeptical, too. What kind of legal system would allow all that to happen 1,000 miles away without notice or a hearing? They shrugged off the warning as a scam.

But the caller was who he said he was, and everything he predicted came true. The following Monday, Doug logged in at the office to discover he no longer had access to his bank accounts. A few days on, $52,886.93 disappeared from one of them. The loss set off a chain of events that culminated a month later in financial ruin. Not long after her agency went bankrupt, Janelle collapsed and was rushed to the hospital, vomiting bile.