Month: November 2014

Debt Advice Company Reports Majority Of Its Debt Cases Caused By ‘Roll-Over …

EDINBURGH, Scotland, Nov. 12, 2014 /PRNewswire/ — Simple Financial Solutions has revealed that almost all of its debt advice cases are composed of some form of consolidated loan, echoing recent concerns by the Citizens Advice Scotland about the impact of roll-over loans on personal finances, leading many into IVAs and other similar debt schemes.

This is no surprise to CAS, who believe many lenders encourage these roll-overs this is a direct cause of the growth of personal debt mountain.

Citizens Advice Scotlands chief executive Margaret Lynch said: Sadly, roll-over loans are a problem in the debt cases we see in the CAB. The pattern is very familiar. You are short of money one month, so you take out a quick payday loan, but the interest rates are so high you soon find cant repay it, so you have to take out another loan to pay it off, and then another one to repay that one. The full article can be read here.

However its not just payday loans that encourage rolling over unaffordable debt. Traditional loans are also being used to consolidate debts with credit cards and overdrafts.

A spokesperson for Simple Financial Solutions said: Once someone starts consolidating debt and rolling over loans they are on a very slippery slope. People are usually optimistic about their ability to pay off a new rolled or consolidated loan when they take them out, but unfortunately the reasons behind why they needed to do so is very rarely addressed.

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Image: What do you need to take out a loan

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5 Things You Might Not Know About Uber

The ride-sharing service Uber is available in more than 150 US cities (not to mention many more across 43 countries), so theres a good chance youve used Uber, or heard of it, at the very least.

There are plenty of opinions out there about Uber. Some people swear by it. Others have had experiences so bad theyll never use it again. That alone doesnt set it apart from other businesses, but part of the difference in experiences stems from the fact that Uber has a variety of products and policies that directly impact the user experience. Whether youre a regular Uber user or are just now hearing about it, here are some things you might not know about the ride-sharing business and how it affects you.

1. Surge Pricing

Ubers on-demand ride service is what makes it so desirable — forget standing on the curb, hoping a cab comes by, because you make drivers come to you by requesting a ride through the app. Its wonderfully convenient. Of course, convenience changes the landscape of the business.

Instead of those times where you know youll never find an available cab (ie holidays or terrible weather), you can get an Uber, but its going to cost you more. Its basic economics: supply and demand. If you request an Uber during a peak time, its solution for keeping up with demand is to charge consumers higher fares, which it calls surge pricing. Youll end up paying many times more than what you would pay during a down time, meaning a short ride could cost you more than $100.

To be fair, when you request an Uber during surge pricing, a notification pops up in the app, asking if youre sure you want to continue. That hasnt stopped people from saying they had no idea the ride would cost so much. For example, this past Halloween, a woman ended up paying more than $300 for a short Uber ride, and she ended up crowdfunding the bill.

The takeaway: Pay attention to fare estimates and make sure the ride is worth it.

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2. Its Illegal in Some Places

As widely available as it is, you wont find Uber in some cities. For example, you can get an Uber in four suburbs of Portland, Ore., but Portlanders cant get an Uber in the city. There have been legislative fights in cities across the country about whether to allow the service to operate. (This affects more than just Uber, because there are several similar businesses out there.)

Some local licensing requirements actually make being an Uber driver illegal. Last month, a story popped up about Uber and Lyft drivers facing misdemeanor charges for driving without the proper permit in the Tampa Bay area. For a company that some see as an opportunity to make extra cash, thats some serious risk associated with a side job.

3. Kitten amp; Ice Cream Delivery Happens Too

You can request Uber to do more than get you from Point A to Point B. The company has run some very successful promotions like Uber Ice Cream and Uber Kittens in select cities, and they do exactly what you think they would: deliver ice cream and kittens upon request. There was even an Uber Health pilot program in some cities, where people could request at-home flu shots via Uber.

4. The Driver Isnt the Only One Being Rated

At the end of your Uber ride, you have the opportunity to give your driver up to 5 stars as a rating of their service. A drivers rating affects their ability to continue working as an Uber driver, which is the incentive for delivering good service.

Uber drivers rate their passengers, too, so if you have a habit of requesting Ubers when youre belligerently drunk or in a less-than-courteous mood (or if youre just like that), you may find yourself having trouble getting a driver.

5. Different Fares by City

Depending on where you are, you have a few options for Uber services, like UberX, Uber Taxi (request a taxi via Uber), Uber Black Car and Uber SUV. As you might expect, these services come at different costs.

But service type isnt the only thing affecting how much you pay. Base fares, taxes and fees vary by city, so while you pay an average of $14.70 for a 10-mile, 20-minute UberX trip in Chicago, a similar trip in New York City costs an average of $32.50. ChicagoInno, a Chicago media company focused on startups, analyzed UberX fares across the US and found Chicago has the cheapest UberX fares. The Hamptons has the highest average fare for a 10-mile, 20-minute ride: $63.50.

Again, make sure you check fare estimates before committing to an Uber when traveling, to avoid serious sticker shock when you get your receipt.

More Money-Saving Reads:

  • What’s a Good Credit Score?
  • What’s a Bad Credit Score?
  • How Credit Impacts Your Day-to-Day Life

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Alleged ID Theft Ring Indicted, Accused Of Stealing Street-Side Mailbox

GOLDEN, Colo. (CBS4) – A grand jury has indicted five people in an identity theft ring that authorities say involved breaking into mailboxes in Jefferson County and the Denver metro area.

According to Pam Russell with the Jefferson County District Attorney’s Office, the crimes occurred between October 2013 and January 2014.

“According to the indictment, the five-member enterprise obtained personal and financial information of real persons and used that information to create fraudulent checks and identification documents,” Russell said in a statement. “Using computers and the stolen information, members of the enterprise created fraudulent documents, including drivers licenses, checks and identification documents.”

The members of the rings would the allegedly use the fraudulent checks to “obtain cash, merchandise, property and services.” The group apparently used the money for living expenses and their methamphetamine use.

“Most of the personal and financial information stolen by the enterprise was obtained from breaking into mailboxes, most often the cluster-type mailboxes used in multi-family housing units or neighborhoods,” Russell said.

The suspects are also believed to be responsible for taking an entire blue mail collection box from a sidewalk in Morrison, as well as a free-standing, cluster mailbox.

Lowe’s Stock Benefit From Home Depot Breach Is Temporary

With the release of earnings from both Home Depot (NYSE:HD) and Lowes (NYSE:LOW), investors are seeing something unusual.

Lowes is doing better.

Home Depot reported profits of $1.15 billion, $1.15/share, later corrected by the media to $1.12 per share, on revenue of $20.52 billion. Comparable store sales were up 5.2%.

Lowes reported earnings of $585 million, 59 cents per share, on revenue of $13.7 billion, with comparable store sales up 3.5%.

Both stocks were down on the news, Home Depot by over 2% and Lowes by .6%. This reflects the fact that both stocks are fully valued. Lowes presently sports a Price/Earnings multiple of over 24, Home Depot nearly 23, in contrast to 17.6 for WalMart (NYSE:WMT) or 19 for Kroger (NYSE:KR).

While successful retailing stocks look pricey based on earnings, they are still values when priced against sales. Home Depot had sales last year of $78.8 billion and is worth $130 billion. Lowes had sales of $53 billion last year and is worth $58 billion. But even on that basis the two home improvement warehouses are pricey when compared with other retailers. Krogers equity is worth barely one-fourth its sales, and Wal-Mart is priced at slightly more than half its sales.

The reason for this is margins. Home Depot manages to bring over 8% of sales to its net income line. Lowes brings down nearly 6%. And this disparity is the reason that, over the longer run, investors have been better off in Home Depot stock. Over the last 5 years HD has outgained LOW 251% to 168%. The one-year gain on HD of 20% also exceeds LOWs 13%.

Seen on short time frames, however, Lowes has been doing better. Its 3-month gain is 1% better than its larger rival, its one-month gain is nearly twice as good. The reason for that is simple, a breach announced in September in which hackers got malware into Home Depot cash registers and, through that malware, into the general payment system of the company. Home Depot has still not calculated its losses from the breach, and this has caused the stock to underperform.

But history shows that the damage from such events is temporary, and the stocks usually roar back once the full extent of the damage is realized on the bottom line. Target (NYSE:TGT), for instance, saw its stock hammered after announcing a breach last year right before Christmas. In February, a few months afterward, with the words Target and breach still linked together in media minds, you could get the shares for $56.33. Today the stock is sitting at $67.60.

Its likely that the full costs of the Home Depot breach may double those of Target, based on estimated losses at credit unions which had to re-issue consumer credit cards, but once those costs are fully realized the shares should snap back fairly quickly. Since the general path of Home Depot shares is to exceed the gains in Lowes, then, a buyer of Home Depot shares today should do better than one who buys Lowes over the next year.

The argument for the home improvement retailers remains simple and strong. Consumers have grown conservative since the Great Recession, and are investing their gas savings into their homes rather than going out or buying clothes. Low gas prices should mean sold gains for at least the next six months, and more conservative spending habits should keep the gains going through the current recovery.

But youre better off in Home Depot.

Survey: WA Consumers Don’t Do Enough to Protect from ID Theft

PHOTO: AARP Washington State Director Doug Shadel prowls a parking lot with a convicted ID thief as part of his research about consumer fraud. The groups new survey says few Washingtonians take all the little but important steps to prevent identity theft. Photo courtesy AARP Washington.

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Woman wanted in $800K ID theft scheme

SAN ANTONIO – A woman accused of stealing the identities of more than 800 people, resulting in hundreds of thousands of dollars worth of fraudulent tax returns, is on the run.

Thalia Diaz Camareno, who also goes by the name of Irene Carrero Echevarria, faces a 10-count indictment on charges including conspiracy to commit mail fraud, mail fraud and aggravated identity theft.

Camareno, 29, and her alleged co-conspirator, Antonin Julio Nazaro, both live in Houston.

An indictment claims the pair used stolen personal identity information that included the names and Social Security numbers of their victims to file tax returns through the mail.

The fraudulently obtained tax refunds were used to obtain cash and goods for their own benefit, according to the allegations. The potential loss attributed to this scheme is allegedly in excess of $807,096. More than 800 victims have been identified, a press release from the United States Attorneys Office said.

Nazaro appeared in federal court on the charges Thursday.

Anyone with information on Camarenos whereabouts is asked to call the Internal Revenue Services Criminal Investigation Department at 281-330-5377.

Cab driver charged in ID theft may have more victims, CPD says

A cab driver accused of stealing credit and debit card information from passengers may have more victims than previously thought, police said.

Omar Asemgar, 51, was arrested following an ABC7 Eyewitness News I-Team investigation. Police said Asemgar told passengers he needed to run a transaction in the front seat of his taxi because the card swiper in back was broken and then gave passengers the wrong card. Those cards were often from a previous passenger, officials said.

Joe Tosch said that more than $400 was drained from his checking account in the alleged scam. Police now said Asemgar had about 50 different cards- debit and credit- in his possession at the time of his arrest. They also said there are at least 16 alleged victims.

Asemgar was charged Friday with several identity theft felony counts after the I-Team alerted the City of Chicagos Department of Business Affairs and Consumer Protection. His cab drivers license was suspending pending the investigation.

Asemgar was released from jail on a $25,000 bond. He is scheduled to appear in court again in December.

He did not answer the door Wednesday at his Rogers Park apartment.

Have You Called Your Nana Lately? Debt Collectors Have

Gripes about debt collectors are the most common complaint filed by older Americans, the Consumer Financial Protection Bureau said Wednesday.

Collection gripes are roughly one out of every three complaints the bureau gets from seniors, it said. Confusion over medical bills, attempts to collect debts of deceased family members, and illegal threats of garnishing federal benefits like Social Security top the list.

“It is increasingly common for older Americans to carry debts into their retirement years, and consumers living on fixed incomes often struggle to pay off these debts,” said CFPB Director Richard Cordray. “Older Americans deserve to be treated with the respect they have earned.”

The harassment often adds to struggle and grief consumers are already suffering. Collectors badger consumers who are in the middle of red-tape wrestling with healthcare providers, for example. In some cases, collectors spend months or even years bringing up bad memories of lost loved ones whose debts should have died with them.

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Among the complaints, the CFPB received:

  • Collectors hounding older Americans about medical debt: Older Americans describe being confused and frustrated because collectors attempt to collect medical expenses while the consumer is simultaneously attempting to correct billing mistakes or waiting for providers and insurers to resolve the medical disputes. For example, older consumers report frequent and repeated attempts to collect medical bills already covered by insurance. Another common complaint from older consumers is first learning about an overdue bill from checking their credit reports (which you can get for free once a year).
  • Collectors attempting to collect on debts of deceased family members: Older consumers describe collectors’ repeated attempts to collect debts of deceased family members. Many of the consumers complained that debt collectors continue to call or send collection letters after they have informed debt collectors that they are not personally responsible for the debt, or that there is no money left in the deceased borrower’s estate. Some complaints describe collection attempts made years after probate is concluded. Many consumers express anguish about collectors ignoring their requests to cease attempts to collect the debt of a deceased relative.
  • Collectors illegally threatening to garnish an older American’s federal benefits: Older consumers report debt collectors sometimes threaten to garnish Social Security, Supplemental Security Income or Veterans’ benefits, even though these funds ordinarily are not subject to garnishment. According to the complaints, these threats cause older consumers significant distress, especially when they rely on federal benefits to pay essential living costs.

The CFPB offered sample letters for older adults who feel like they are being harassed. This CFPB sample form letters help consumers demand accurate records of alleged debts, dispute the existence of a debt or put an end to harassment.

The CFPB also clarified that federal benefits enjoy special protections.

“When a consumer receives federal benefits by direct deposit to a checking account, the bank or credit union is required automatically to protect up to two months of these benefits. If the consumer receives benefits on a government issued prepaid card, they usually are protected too,” the agency said.

A collection account hitting your credit history can drop your credit scores significantly. You can spot a collection account by monitoring your credit scores regularly. You can get your credit scores for free every month on

More on Managing Debt:

  • The Debt Management Learning Center
  • Understanding Your Debt Collection Rights
  • Top 10 Debt Collection Rights

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