Top Ten Dangers to Portland Metro Area Consumers
1. Portland area used car dealers who offer to “tote the note” for
consumers who purchase cars on credit. Usually the so-called price of the
vehicle is 3 to 4 times the actual market value and the vast majority of the
cars are in less than sound condition. This sales practice creates a “hidden
interest” on the real value of the vehicle that approaches the rate of pay day
loans.
2. Credit Card Banks that exercise the dreaded “universal default” terms of the
fine print of the card-agreement so as to raise the interest rate to 35.99% if a
Portland area consumer fails to pay the utility bill on time.
3. Credit Card Banks who encourage Portland area consumers to pay
the minimum balances each month so as to guarantee that they will be paying the
banks for the rest of their natural lives. And, then when they have built up a
high enough balance with a good enough minimum payment history, the Banks then
offer them more pre-approved cards and increase the approved credit balances on
the old cards.
4. Portland area Pay Day lenders who charge consumers more than 500%
interest for a $300.00 two week loan. And, if they fail to pay, then threaten
them with a civil action for legal fees at best or with a criminal prosecution
for a worthless check at worst.
5. Portland metro area car dealers and lenders who up-sell area
consumers into high interest contracts and leases with all sorts of bogus fees
and charges including credit life insurance, credit disability insurance,
extended warranty contracts, document preparation fees, undercoating fees, VIN
stenciling fees, delivery fees, vehicle preparation fees, and every other fee
they can either think of or get away with. And, then, just to make matters worth
force consumers into higher interest and more expensive vehicles by yo-yo sales,
bait and switch sales, and spot deliver sales.
6. Mortgage Servicers who fail to timely apply Oregon mortgage
payments to the outstanding balance, who charge improper late fees, who buy
insurance from their own companies when the consumers actually have insurance,
who add bogus legal fees, property appraisal fees, property inspection fees, and
all sorts of other fees to the mortgage loan. In many cases, the addition of
these fees and charges creates defaults that lead to improper foreclosures.
7. Mortgage Originators who entice Portland area consumers into
unaffordable mortgage loans with all sorts of Adjustable Rate Mortgages,
Interest-Only Mortgages, Interest-Loan Increasing Balance Mortgages, High
Interest Home Mortgages, 125% loan to value mortgages, first and second
combination mortgages, and all varieties of fixed rate mortgage loans. Many of
these mortgage originators also kick-back hidden fees to the mortgage brokers
and use inflated and bogus appraisals to justify the amount of the loan.
8. Portland area Rent to Own and Rent to Buy operations that lure
consumers into easy no-money-down lease-purchase contracts with no credit check
that in many cases require the Oregon consumer to pay 3 to 4 times market prices
for their consumer goods and to pay hidden interest rates that approach and in
some cases exceed the rates charged by the pay-day lenders.
9. Oregon Mobile Home dealers who engage in the same practices as
the mortgage lenders with the addition of the “land package” deals that only
serve to double their opportunities for more unlawful acts and practices and t
garner even more illegal profits.
10. The Debt Buyers who purchase hundreds of thousands of “charged off” accounts
from creditors for virtually pennies on the dollar and then proceed to
aggressively attempt to collect the accounts against Oregonians whether or not the debts have been discharged, settled, paid in
full, barred by the statute of limitations, or canceled in a bankruptcy case.
If any of the above dangers to the Portland metro area consumer
appear familiar to you, please make arrangements to see one of our bankruptcy
attorneys. Pacific bankruptcy attorneys have offices on the Eastside and
Westside or Portland, in Milwaukie and Hillsboro. Contact Portland metro area bankruptcy lawyers
at 503-352-3690. Alternatively, simply
fill out an evaluation form so
that one of our bankruptcy attorneys can contact you at your convenience.
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