All posts by Barbara Nevins Taylor

Helpful Tips:All, Helpful Tips:Money, Helpful Tips:Scams

5 Tips to Block Robocalls


If you’re home is like mine, you get robocalls constantly throughout the day. We are on the Do Not Call Registry, but it doesn’t seem to matter. The robocallers get through, sort of.

My husband Nick Taylor is a writer and works at home. He doesn’t even bother to pick up the phone anymore when it rings, unless caller i.d. alerts him that it is someone he knows.

Do Not Call Registry

He reviews the calls at the end of the day, and returns any that he missed. That’s a pretty sure-fire strategy to avoid the robocallers.

In the meantime, the  Federal Trade Commission (FTC) produced this video and offers  5 tips to block robocalls.  It’s not clear that they do the trick 100 percent of the time, but it may be worth it to check them out.

  1. Ask your telephone company if it allows customers to block calls from multiple phone numbers. It may charge for this service. You might also want to check out the call-blocking services offered by other companies, including Voice over Internet Providers.
  2. Search online shopping sites for “call blocker.” There are number of blockers from different companies and it’s a good idea to read the reviews and see if one works for you.
  3. Put a “special information tone” that signals a non-working number at the beginning of your voicemail or answering machine message.
  4. If you have a smartphone, look for call-blocking apps.
  5. Use a “virtual phone line” with call screening options, forward that number to your actual phone, and only give out the virtual number. This option might work if you’re willing to change your phone number and are tech-savvy enough to set up call forwarding and screening.

 readmoreRobocall Alert

 

Helpful Tips: Credit, Helpful Tips:All, Helpful Tips:Money

Credit Score Help for Sandy Victims



If you’re a victim of Superstorm Sandy and you discovered that your credit score slipped because of  a late or missed payment due to the storm, you may get a break. In New York, Governor Andrew Cuomo wants credit scoring companies and credit bureaus to immediately stop lowering scores of Sandy victims.

Because of the chaos the storm created, many missed mortgage payments and others couldn’t make regular rent payments. In many cases their homes and apartments weren’t habitable and they were forced to pay rent to live elsewhere.  The financial burden of repairing homes and restoring storm-damaged business equipment also took its toll. Governor Cuomo said, “Hitting Sandy victims with an unfair black mark on their credit scores would add insult to injury for the thousands of New Yorkers fighting to rebuild and recover after this devastating storm.”

New York Superintendent of Financial Services Benjamin Lawsky sent letters to FICO,  TransUnion, Experian, Equifax, and the Consumer Data Industry Association (CDIA) and made the following demands.

1. Take immediate action to ensure credit scores are not lowered for Sandy victims.
2. Reset scores that were lowered.
3. Work with banks and other lenders to red flag any negative information that comes from disaster victims.
4. Meet with the Department of Financial Services to permanently change procedures to prevent credit scores from going down for disaster victims.

Lawsky said, “No Sandy victim should face a hit to their credit history simply because they caught a bad break from Mother Nature…”

What to do:

If you think your credit score was unfairly negatively affected and you need help, contact New York State Department of Financial Services at 1-800-339-1759

 


Tell us your story if you are struggling to recover and fighting to keep your good credit score.

 

Banking News, Money News, News

Payday Loans Are Debt Traps


 

 

 

 

 

 

 

 

Anyone who thinks that a payday loan is an answer to a consumer’s prayer will get a reality check from the new report by the Consumer Financial Protection Bureau (CFPB).  The bureau conducted a 12-month study of 15 million storefront payday loans and deposit advance loans and found that these loans are debt traps for many.

Consumers borrow to fill a quick cash need and often end up borrowing again and again. The CFPB says the structure of the loans contributes to trapping consumers in long-term debt.

Key findings include:

  • Lenders often don’t consider a borrower’s ability to repay, but take money from a paycheck. That leaves the borrower without money for things like groceries and may cause them to borrow again.
  • Payday loans typically must be repaid in full when the borrower’s next paycheck or other income is due. The report finds the median loan term to be just 14 days
  • There is not a fixed due date with a deposit advance. Instead, the bank will repay itself from the next qualifying electronic deposit into the borrower’s account. The report finds that deposit advance “episodes,” which may include multiple advances, have a median duration of 12 days.

High Costs:

  • Storefront payday loans generally range from $10-$20 per $100 borrowed. That means if you borow $350, you have to repay $400 in two weeks. A loan that goes unpaid for two weeks has an Annual Percentage Rate (APR) of 391 percent
  • Deposit advance loans generally cost about $10 per $100 borrowed.  On a 12-day loan the APR would be 304 percent.

Repeat Customers

Almost half  of payday loan borrowers take out more than 10 loans a year and they  frequently take new loans as soon as they pay off the old one.

Deposit advance customers often have  an outstanding balance at least 9 months of the year.  The CFPB says, “While these products are sometimes described as a way to avoid the high cost of overdraft fees, 65 percent of deposit advance users incur such fees. The heaviest deposit advance borrowers accrue the most overdraft fees.”

The CFPB did not examine the online world of payday lending and plans to do that next.

Are you a payday borrower?  Tell us your story.  We want to share it with others.
Like us on Facebook and Follow us on Twitter.

 

 

Money News, News, Scam News

Game Over for Telemarketers

This was a case of telemarketers with liar-liar, pants-on-fire syndrome. A Federal District Court judge in Pennsylvania agreed with the Federal Trade Commission that a group of telemarketers using a web of corporate names lied and cheated consumers when they called to sell so-called discount health plans.
Federal Judge Juan R. Sánchez said, “All defendants have acted with reckless disregard for the financial interest and security of thousands of consumers.  They have demonstrated their continued ability, desire, and success in committing the same deceptive acts. The danger of recurrent violations is real.”
That’s why he banned five people and the companies they were affiliated with including NHS Systems, National Healthcare Solutions and National Health on Line from telemarketing, charging consumers’ bank accounts and making false and misleading statements.  He also ordered them to pay $6.9 million, which is the amount they took from consumers.
The scheme:
The FTC says, “During sales calls telemarketers led consumers to believe they were from, or affiliated with, U.S. government agencies, including the Social Security Administration, the Internal Revenue Service, and Medicare.  They promised consumers that they would receive substantial deposits into their bank accounts – in the form of grants, tax refunds, or tax rebates – if they first provided their account or credit card information.  In many instances, the callers told consumers that they had been unconditionally selected.”
Instead, consumers were charged $29.95 for health care information, $299.95 to enroll and $19.95 per month thereafter. They then found themselves in a phony “discount health care program” they never agreed to buy.
Have you had trouble with telemarketers?  Tell us your story.
Like us on Facebook and Follow us on Twitter.

 

 

 

Consumer News, News, Work News

Fast Cash Loans and Campaign Contributions

 

 

 

 

 

 

 

 

 

 

 

 

by Barbara Nevins Taylor

A proposal moving through the New York State legislature would allow storefront check cashing businesses to make short-term loans for $300 to $2,000 for 90 to 180 days with an interest rate of 25 percent. A lineup of consumer advocates and the Bloomberg administration suggests the bill is a wolf in sheep’s clothing that will trap consumers in debt. New Yorkers for Responsible Lending says, “The annual percentage rate of the loans, given the list of fees set forth in the bill, would be as high as 204 percent.”

Stephen Altobelli, a spokesman for Financial Service Centers of New York, which represents 660 check cashing businesses, told ConsumerMojo.com, “Customers are looking for these kinds of loans and customers will know what the terms and conditions are.”  But financial disclosure records raise questions about legislators’ ties to the industry.

Campaign Contributions

Campaign contributions are the source of the questions. The Financial Service Centers of New York is a steady contributor to New York politicians and donated over $592,000 to New York State Democrats and Republicans between 2000 and 2012 .

Sponsors of the legislation to allow quick cash loans are standouts on the contribution list.  In 2011 and 2012 Bronx Democratic Senator Jeffrey Klein, a key sponsor, received $10,300 in 2012 and a total of $57,100 since 2002. In the Assembly, Manhattan Democrat Herman Denny Farrell, Jr. received $9,600 in 2012 and $36,600 between 2000 and 2012. Neither Farrell nor Klein responded to our requests for comments.

Here are a few key provisions of the legislation:

  • 25 percent interest
  • $25 application fee
  • Processing fee, if you have insufficient funds
  • $15 monthly maintenance fee
  • Consumers would be able to refinance once if they can not make the payments on the first loan.

 

 Tell us what you think about quick cash loans.

Like us on Facebook and Follow us on Twitter.

 

 

Consumer News, Latest News, News, Work News

Unemployed Get Startup Boost

Some of us realize that this is the right time to start our own businesses.  And if you are unemployed and frustrated by a lack of opportunity, you might want to seriously think about putting a good idea to work for you.  A new New York State program aims to help those who receive unemployment benefits get into the start-up game.

The Self-Employement Assistance Program (SEAP) allows you to receive unemployment benefits and get entrepreneurial training while you work full-time to start your business. Governor Andrew Cuomo just expanded the program for those who are receiving Emergency Unemployment Compensation beyond the normal 26 weeks.

Governor Cuomo said, “The program is a win-win, giving the unemployed a better shot at reaching for the American Dream, while spurring the start of new small businesses in communities across the state.”

To enroll and participate this is what’s needed:

  •  You must have received at least 13 weeks of regular unemployment benefits or have 13 weeks of EUC remaining.
  •  You must develop a business strategy.
  •  Attend 20 hours of entrepreneurial training.
  •  You must  meet with a business counselor at least twice and work full-time on starting your business.

The program’s track record is pretty good. In 2012, 586 unemployment insurance claimants participated in the SEAP, of which an estimated 363 started their own businesses.

To find out more:

Entrepreneurs can learn more about the SEAP by calling the State Labor Department at (888) 4-NYSDOL (888-469-7365).

Consumer News, News, Work News

Kids’ Stolen Security Numbers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This change can’t come soon enough. The Social Security Administration (SSA) may make it easier to replace a child’s Social Security number if the child has been a victim of identity theft. No one is quite sure how their kid’s Social Security number gets stolen, but it is a significant problem. The Federal Trade Commission (FTC) says a 2012 study found that children in 2.5 percent of U.S. households had their identities stolen.

I’ve repeatedly done stories about the issue and it’s always frustrating for the parents. A Newark mom I interviewed discovered her eight-year-old’s Social Security number was stolen after she filed her income tax return. She was told someone else had already claimed him as a dependent. And then a tedious bureaucratic dance began as she tried to correct the error and get his Social Security number changed. She wanted to correct the record so that she could claim him as a dependent and she also worried about the long-term impact on his credit.  In addition to falsely claiming the boy as a dependent the scammer, or scammers opened credit cards in his name. They charged thousands of dollars and never paid the bills. They were never caught.

But the mom couldn’t get action from the Social Security Administration. It refused to change his Social Security number because the mom couldn’t prove “the child was harmed.”  Now under the new proposal a Social Security number of a child under 13 could be changed if the child is an identity theft victim.  The Federal Trade Commission wants the SSA to go further and raise the age to 17 and also make sure that parents and guardians are allowed to request the change for their children.  The FTC said recently, “Many children who are victims of identity theft before age 13 may not know they have been victimized until they are older and applying for credit or an apartment.”

In the meantime it’s a good idea to keep an eye out for potential problems.

Take Action In Advance

It’s best to take action in advance and keep an eye on your children’s credit reports.  You can get them for free three times a year at AnnualCreditReport.com. Do not pay anyone to pull a credit report.

Look for charges that don’t make sense and for a notation of credit cards that you never opened.

What To Do

If you discover your child’s Social Security number was stolen:

1. Contact the three national reporting bureaus: Experian, Equifax and TransUnion. Write letters to explain that the number was stolen and ask for a manual check of the report.

They may ask for:

  •      Your child’s birth certificate that lists the parents
  •      Your government-issued identification. This can be a driver’s license, military identification or some form that shows you are the parent.
  •      Your proof of address. This can be a utility bill, a credit card statement or other official piece of mail sent to your address.

2.  Ask the credit bureaus to remove all accounts, collections and inquiries about your child’s Social Security number. Keep copies of the letters and documents that you send.

2. Ask one of these companies to place a fraud alert on your child’s account. That company will contact the other two.

3. File a fraud report with the Federal Trade Commission (FTC), or call 877-438-4338.

Again, this is not easy to fix.  And that’s why it’s important to be proactive and check credit reports for fraud and errors.

Tell us your story

Tell us your story if you or your children have been victims of identity theft.

Like us on Facebook and Follow us on Twitter.

Uncategorized

Caught

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Police tweeted:

CAPTURED!!! The hunt is over. The search is done. The terror is over. And justice has won. Suspect in custody.

And then:

In our time of rejoicing, let us not forget the families of Martin Richard, Lingzi Lu, Krystle Campbell and Officer Sean Collier.

 

 

Money News, News, Scam News

Beware Boston Charity Scams

 

 

 

 

 

 

 

 

 

 

 

 

by Barbara Nevins Taylor

A recent tweet urged us to contribute to a charity for victims of the Boston bombings. While it certainly appealed to me and may be legitimate, it also made me stop and think. Who are these people and how did they put something together so quickly?  Those of us inclined to donate, should ask serious questions about the charities that are appealing to our sense of kindness, generosity and honor.

It’s a good idea to take a breath before you click through to donate.

The Federal Trade Commission (FTC) issued its second alert this week about Boston bombing charity scams.

The FTC says, “In general, urgent appeals for aid that you get in person, by phone, mail, e-mail, or on websites and social networking sites may not be on the up-and-up.”

Here are 6 tips for checking out the charity:

  1. Ask for the name of the charity if the telemarketer does not provide it promptly.
  2. Ask what percentage of your donation will support the cause described in the solicitation.
  3. Verify that the charity has authorized the solicitation.
  4. Do not provide any credit card or bank information until you have reviewed all information from the charity and made the decision to donate.
  5. Ask for a receipt showing the amount of the contribution and stating that it is tax deductible.
  6. Avoid cash gifts. For security and tax record purposes, it’s best to pay by check – made payable to the beneficiary, not the solicitor.

Contact the FTC

If you think a fraudster contacted you visit the FTC’s Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357).

Tell your story

We want your story.  If some scammer contacted you, tell ConsumerMojo.com. We want to share your story with the world.

Like us on Facebook and Follow us on Twitter.

 

55 Plus News, All 55 Plus, Consumer News, News

Seniors Misled by Financial Advisers

 

 

 

 

 

 

 

 

 

 

 

 

The pitches are endless. They come in the mail, online and on the phone.  A so-called financial expert wants to help you plan for retirement, or manage your “senior savings.”  And whether you consider yourself a “senior,” some of these services and offers can, and do, lead to trouble. That’s why the Consumer Financial Protection Bureau (CFPB) is trying to set standards for those who pitch themselves as “senior advisers” to 50 million older Americans.

They often call themselves Senior Financial Analysts,  Senior Financial Consultants, Senior Financial Planners, Senior Wealth Management Analysts and the list goes on. CFPB  found more than 50 different titles for those who try to advise older people about financial issues.

The CFPB points out that older consumers often have higher household wealth in the form of retirement savings, inheritance, accumulated home equity, or other assets. But there are also health issues and memory deterioration that make them easy marks. Some of these so-called financial consultants work the circuit of 55 Plus communities, senior centers and assisted living facilities. The CFPB says they offer “free lunch seminars,” which they bill as education, but are really tools for selling financial products and investments.

Research and interviews with consumers and experts led to a report: “Senior Designations for Financial Advisers: Reducing Consumer Confusion and Risk.”  It makes recommendations for change to Congress and the U.S. Securities and Exchange Commission.

CFPB Director Richard Cordray said, “Today’s report underscores the need for consistent high-level standards of training and conduct for those advisers who want to acquire a bona fide senior designation.”

Recommendations:

  • Implementing rigorous training standards to obtain senior designations: The Bureau recommends that state and federal regulators implement rigorous criteria for acquiring senior designations, including specific standards for education, training, and accreditation.
  • Setting strict standards of conduct for those using senior designations: The Bureau recommends that state and federal regulators set consistent and strict standards of conduct for those using senior designations. Such standards could include prohibiting senior designees from characterizing sales events as educational seminars, and selling financial products and services at events that are advertised or described as educational or informational events. 
  • Increasing supervision and enforcement: The Bureau recommends that federal and state regulators consider increasing existing supervision of and enforcement authority against misleading conduct by a holder of a senior designation.

What’s your experience?

What’s your experience? How have you dealt with people offering financial advice? Let us know.

Consumer News, Immigrant News, News

What the Immigration Bill Does

1 Comment


 

 

 

 

 

 

 

 

 

 

The immigration bill is complicated and if it passes will give legal status to 11 million undocumented immigrants. That’s great because it means people will be able to work legally, get drivers’ licenses and travel out of the country.  The downside is that it will take a long time, 10 years, for many to become eligible for green cards and citizenship.

But it does jumpstart the process for Dream Act kids and that’s really wonderful.

If you are a Dreamer you can get a green card in five years and will become eligible for citizenship immediately.

Details of the proposal:

1. If you are an undocumented immigrant you can apply for Registered Provisional Immigration Status if:

  •      You lived in the U.S. before December 31, 2011.
  •      Pay a $500 penalty fee. Dreamers are exempt.
  •      Pay back taxes.
  •      Pay the processing fee.

2. You’re not eligible if:

  •      You were convicted of a felony
  •      Convicted of 3 or more misdemeanors
  •      Convicted in another country
  •      Voted unlawfully
  •      You’re a national security or public health risk.

3. Your spouse or children can also apply under your qualifications.

4. You can get a job legally.

5. You can travel outside of the U.S.

6. Those in the U.S. prior to December 31, 2011, but deported for non-criminal reasons can apply for resident status.

7. The status lasts for 6 years and then you have to reapply and pay $500.

8. After 10 years, if you have a clean record, you can get a green card. But you must pay a $1,000 fee.

9. Dream Act immigrations and those in the Agricultural Programs get their green cards after five years.  Dream Act immigrants can apply for citizenship after they get green cards.

Special  Employment Visas

1. Eliminates the limit on the number of those considered extraordinary, or who have special backgrounds in sciences, the arts, medicine, business, athletics; outstanding professors and researchers; multinational executives and managers; doctoral degree holders in STEM field; and physicians who have completed the foreign residency requirements or have received a waiver.

  • It allocates 40 percent of the worldwide level of employment-based visas to: 1) members of the professions holding advanced degrees or their equivalent whose services are sought in the sciences, arts, professions, or business by an employer in the United States (including certain aliens with foreign medical degrees) and 2) aliens who have earned a master’s degree or higher in a field of science, technology, engineering or mathematics from an accredited U.S. institution of higher education and have an offer of employment in a related field and the qualifying degree was earned in the five years immediately before the petition was filed.
  • The bill increases the percentage of employment visas for skilled workers, professionals, and other professionals to 40 percent, maintains the percentage of employment visas for certain special immigrants to 10 percent and maintains visas for those who foster employment creation to 10 percent.
  • The bill creates a startup visa for foreign entrepreneurs who seek to emigrate to the United States to start up their own companies.
  • Merit Based Visa: The merit based visa, created in the fifth year after enactment, awards points to individuals based on their education, employment, length of residence in the US and other considerations. Those individuals with the most points earn the visas. Those who access the merit based pathway to earn their visa are expected to be talented individuals, individuals in our worker programs and individuals with family here. 120,000 visas will be available per year based on merit. The number would increase by 5% per year if demand exceeds supply in any year where unemployment is under 8.5%. There will be a maximum cap of 250,000 visas.
  • Under one component of this merit based system the Secretary will allocate merit-based immigrant visas beginning on October 1, 2014 for employment-based visas that have been pending for three years, family-based petitions that were filed prior to enactment and have been pending for five years, long-term alien workers and other merit based immigrant workers.
  • Long–term alien workers and other merit-based immigrant workers includes those who have been lawfully present in the United States for not less than ten years and who are not admitted as a W visa under section 101(a)(15)(W) of the Act.

Remember this isn’t law yet. It’s a start.

If you are a Dreamer and haven’t applied for  the Deferred Action for the Childhood Arrivals Program the time is now.  Our video and free downloadable guide How to Apply for Deferred Action walk you through the process.

Loan for Deferred Action Application

There is now a no interest loan for those who can afford to pay the fee for the Deferred Action application.  Watch the video No Interest Loan for Deferred Action and get the details.

 

READ: IMMIGRANTS SCAMMED BY TELEPHONE SPOOF