Have you answered the phone and the person on the other line claimed to be an FBI agent monitoring your online activity and citing an overdue payday loan?

Don’t listen to these people – they are scammers.

You may sense this at first, and then the “FBI agent” threatens legal action against you, frightening you. This either causes you to give into their demands or, as we’ve seen happen before with our clients, not go home.

These “FBI agents” have zero power over you – there’s no need to be scared.

If you give them attention or money, they’ll just be back for more. Even if you have an outstanding payday loan, don’t give these scammers the time of day as they are looking to collect way more than you owe.

You may say, “Well, they have my personal information – Social Security number, address and place of work. This must be legitimate.”

No, it’s not. This is why giving that information out for online payday loans can be so dangerous.

Here’s some tips the Better Business Bureau is offering for dealing with these “FBI” calls.

  • Remember that transfers and prepaid debit transactions cannot be tracked or reversed. This is why you should avoid them.
  • When they call, hang up and don’t call back. Any word you say is giving them the attention they desire and you may end up giving them information you shouldn’t.
  • Contact the police to report the impersonation of the law
  • Don’t believe your caller ID as there are ways for scammers to disguise themselves

Ask the debt collector to provide official “validation notice” of the debt. Debt collectors are required by law to provide the information in writing, including the amount of the debt, the name of the creditor and a statement of your rights under the Fair Debt Collection Practices Act


Again, all of this can most-likely be avoided by not seeking online payday loans. The information you’re required to give out to do so is not secured and can be used against you.

If you find yourself in the position to where online payday loans are an option, consider a better option – file for bankruptcy. If you are in a copious amount of debt, credit collectors are harassing you, or you are being threatened with a lawsuit, you should call a top liquidation lawyer Memphis, TN has to offer for further advice.

A bankruptcy is a safe way to reduce your debts so you can pay your bills on time. Through a bankruptcy, your debt can either be discharged or organized into an affordable payment plan.

With the right attitude and lifestyle changes, along with some patience, you can come out of a bankruptcy better than you went in, as a bankruptcy will clean your financial slate.

Programs such as “7 Steps to 720” can teach you how to re-establish and rebuild your credit the right way. At Darrell Castle & Associates, we offer this program free to our clients.

If you’re considering bankruptcy or if you have any questions, please contact us today, either online or by calling us at (901) 327-2100. One of our experienced Memphis bankruptcy attorneys will be happy to speak with you, free of charge.