I just read that some collection agencies are turning to Facebook to locate debtors. I’m more surprised than anything. Not surprised that creditors would use such a tactic, surprised that #1 they haven’t thought of this earlier and #2 that people would fall for it.
From the article, the creditors pose as an attractive person and send the debtor a friend request. The debtor chooses to add the new friend and then the debtor has access to your:
– place of employment/business
– phone number/cell number
– evidence of your behavior ( you tell them you can’t pay, but you’re taking trips and buying things)
Here are some things that creditors can and can’t do based on the Fair Debt Collection Practices Act. Download the whole FDCPA verbage from the government here.
Think twice before you add a new friend on Facebook.
In case you haven’t heard, the California Community College District has entered into a Memorandum of Understanding with Kaplan University whereby students at CCs can take classes at Kaplan for a discount. Sounds good until you read the small print:
#1 Kaplan’s courses cost almost 10 times more than courses at California’s Community Colleges.
#2 Students would have to make sure that the Kaplan class would be acceptable for credit at the community college.
# 3 Even if the Kaplan course is accepted at the Community College there is no guarantee that the school that they transfer to will accept the Kaplan course.
Thanksfully, none of the Community Colleges in Kaplan have signed up to take advantage of the “help” offered from Kaplan, but Kaplan has helped themselves to the reputation of the California Community College system. Kaplan’s plan might be to “encourage” Community College students to transfer to Kaplan to complete their undergraduate degree. Kaplan’s reputation in high education circles is so-so, at best.
Be aware of what’s going on in higher education as costs are going up and what you get for your money seems to be less and less.
Mango Money makes no sense.
Today I read an article about Mango Money prepaid cards that made me scratch my head. In case you haven’t heard of the new prepaid card offered from MasterCard and distributed through Wal-Mart, here’s a break down of what the card is and how it works. Basically, it’s a prepaid card that allows you to have access to a debit card though you don’t have an account. You pay $10 upfront and … well, I don’t really understand what happens after that. The Mango Money site says that you can load money from another bank account (huh?), have it transferred from one Mango Money account to a different Mango Money account or pay $5 to have your funds loaded onto your card by purchasing a Green Dot refill card at Wal-Mart. Do I really have to say it? WTH?
Nothing about this makes any sense. You want to have access to your funds? Open an account at a local credit union. You want to pay few fees to manage your money? Open an account at a local credit union. You don’t want to carry around your paycheck in cash? OPEN AN ACCOUNT AT A CREDIT UNION.
In case you aren’t clear: Mango Money wants to charge you to use your hard earned money.
Mango Money = bad.
Credit Unions = good.
Locate a credit union by visiting the Credit Union Coop and putting in your zip code.