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SOURCE: CapAmerica


Payday Loan Whistleblowers expose criminal conduct by Check n Go and payday loan industry

Jeanette Rishell, candidate for the Virginia House of Delegates, stands up to support whistleblowers and calls for a 36% rate cap for payday loans.

MANASSAS, Va., Oct 12, 2007 /Xpress Press/ -- On Friday, October 12 former payday loan store managers and whistleblowers William Harrod and Abraham Hall spoke at a press conference in Manassas. Hall claimed that loan stores trap borrowers stating: "Let me be clear, after that first loan the customer never gets anymore money. When they come into my store and re-borrow, they give me the money and I give it right back to them, minus the fee. It's basically a legal way to ignore the ban on rollovers. My bonus and my payroll budgets were connected to my ability to keep borrowers on the hook, forever spiraling into an ever growing cycle of debt."

Hall claimed that he was fired after telling his bosses that he supported a rate cap on payday loans.

William Harrod addressed industry practices. He explained how he was asked to dial into customers' bank accounts, pretend to be the customer, track their purchases and balances. Harrod stated: "This practice occurs every day in cash advance stores across the commonwealth of Virginia. This practice is in felonious violation of the state criminal statutes." Mr. Harrod also challenged Check 'n Go president David Davis, claiming Davis lied in an interview with Newsweek. "David Davis, President of Check N' Go, stated that whistleblowers lied when talking about his extended payment plan. This is one of those smoke and mirror reforms. David Davis says the whistleblowers lied when they reported that employees were trained not to disclose the Extended Payment Plan." Harrod then produced a Check 'n Go training document which stated employees were not to verbally inform customers of the extended payment plan. "What is this, Mr. Davis? Are you up to your dirty old tricks and lying again, or do you just not know what is happening in your business?"

John Lacombe, Executive Director of CapAmerica, addressed the race between delegate Jackson Miller and candidate Jeanette Rishell. In addressing payday loan campaign contributions to Miller, Lacombe stated, "To accept their money in droves begs the question, just who do some of these legislators work for? Some of these legislators may have simply made a mistake by accepting this money. In this race, Jackson Miller missed his opportunity to have the foresight and good common sense not to take this money. Now he does have the opportunity to do the right thing, however, and that is to give the money back." Lacombe praised Rishell for not taking such contributions. Rishell also addressed the crowd. Speaking about payday loans, Rishell said, "We are going to pass this rate cap, we are going to do it together, and Virginia is going to be a better place as a result." issue.

Sponsoring organization is Coalition Against Payday Lending in VA. For additional information visit http://www.capamerica.org

For more information contact:
John LaCombe
Executive Director
CapAmerica
www.capamerica.org
Phone: (571) 926-2427
Email: info@capamerica.org

SOURCE: CapAmerica http://www.capamerica.org



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