in Search

ID theft

All about how it happens and how you can keep it from happening to you.

September 2009 - Posts

  • Personal Loans For Debt

    Times are tough. Nearly 7 million Americans are unemployed. Millions more are underemployed, taking whatever jobs they can get. Credit card interest is up, and credit lines are down.

    For people already having a hard time paying their debts, it may seem counter intuitive to recommend taking out personal loans. But, in some cases, unsecured personal loans might be the best option.

    It must be pointed out from the beginning that personal loans carry a higher interest rate than do mortgages or auto loans, which offer the lender some collateral as a buffer against default. However, the costs associated with personal loans are almost certainly lower than the costs associated with having debts turned over collection agencies or a court.

    Debts placed with collection agencies have usually already accumulated interest, fees or fines. Additionally, agencies receive a portion of any payments from debtors as their fee to the original debt holders. And, because collections companies’ bottom lines are tied to debtors’ payments, they may adamantly refuse to negotiate settlements. That’s not to say it isn’t worth trying; many debt collectors take a something’s better than nothing attitude.

    That said, whatever amount of the debts are to be paid, the debtors must have the cash to back up the agreement—even if it means taking out personal loans—to avoid being taken to court. At that point, the debts grow considerably; add interest, fines, court costs and payments to two attorneys—the debtors’ and the debt holders’—to the original debts, and the debts become entirely unmanageable.

    If so, the next step will be garnishment of any wages. When that happens, the debtors’ employers (the garnishees) are ordered by the court to make payments directly to the court rather than paying the debtors their entire wages.

    Not only is this humiliating and image damaging for the debtors, many employers would prefer to discharge the employees rather than assume the administrative expense of discharging the employees’ debts. To avoid losing face at work or losing a job entirely, it makes sense to take out personal loans.

    If for any reason the debtors don’t make the court-ordered payments, the debtors may be charged with contempt of court, after which the next step may be jail.

    Taking out personal loans to pay already existing debts—robbing Peter to pay Paul—is usually a foolish strategy. But in some instances, it’s better than other disastrous options.

    For more information about personal loans visit

    Posted Sep 10 2009, 02:08 PM by digitalangel with no comments
    Add to Bloglines Add to Add to digg Add to Facebook Add to Google Bookmarks Add to Newsvine Add to reddit Add to Stumble Upon Add to Shoutwire Add to Squidoo Add to Technorati Add to Yahoo My Web
  • "Check casher" for ID theft ring arrested

    A woman U.S. Marshals call “the check casher” for the ID theft ring accused of stealing Ben Bernanke’s wife’s purse was arrested yesterday in Miami.


    Shonya Michelle Young, 28, is the girlfriend of the number three leader in “Cannon to the Wiz,” a nationwide pick pocketing organization, according to a spokesman for the marshals.


    Young was arrested near Miami International Airport and had several wigs in her possession as well as fraudulent New York identity and check cards when she was arrested. She is the ninth member of Cannon to the Wiz to be arrested. Law enforcement agencies are still searching for six more suspects.


    The ring operates by stealing wallets or purses and using the personal identification, check cards, checks and credit cards to steal identities and drain their victims’ bank accounts. Authorities say they stole more than $2 million in the past year.


    Anna Bernanke was victimized last August when her purse was stolen from the back of her chair while she was in a Washington D.C. area Starbucks. The thieves then used her driver’s license, Social Security card and checkbook to withdraw money from the joint account she shared with her husband.


    There is still an outstanding arrest warrant for George Lee Ried who, according to a federal affidavit, deposited money from the Bernankes’ bank account into another victim’s hijacked account, and then withdrew $9,000 from the second account.


    Authorities to Young to a federal detention center in downtown Miami yesterday, but she will be taken to Virginia where the case is being prosecuted.



    Posted Sep 01 2009, 11:30 AM by IdentityTheft with no comments
    Add to Bloglines Add to Add to digg Add to Facebook Add to Google Bookmarks Add to Newsvine Add to reddit Add to Stumble Upon Add to Shoutwire Add to Squidoo Add to Technorati Add to Yahoo My Web

This Blog