FTC Returns Money to Consumers Harmed by Scam That Collected Millions in Phantom Payday Loan Debts

The Federal Trade Commission is mailing 1,701 checks totaling more than $596,000 to consumers who lost money to a fraudulent debt collection scheme that processed payments for payday loan debts they did not owe.

In September 2015, a federal court banned Kirit Patel, Broadway Global Master Inc. and In-Arabia Solutions Inc. from the debt collection business.

Affected consumers will receive checks in the average amount of $350.39 and should deposit or cash them within 60 days of the mailing date. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed. Approximately 63 percent of consumers’ total loss is being returned.

Consumers who receive checks and have questions can contact the FTC’s refund administrator, Analytics, at 844-449-3587. Follow the link to learn more about the FTC’s refund program.

This article by the FTC was distributed by the Personal Finance Syndication Network.