Dangling that bait of, purchasing your Apple computer for school, NO installment NO payment until you graduate, and these god damn young and naïve (not to mention, STUPID!) college age ADULT children still, took the bait, and now, they're, paying for their, INNOCENCE, lack of experiences, because they don't know that when something seemed too good to be true, then, it probably IS! Off of the Front Page Sections, translated…
The Scam Ran Across Nine Universities with Hundreds of Students Fallen Victims, the Taichung City Government Mediated and Reached a Settlement Agreement, the Legislative Research Bureau Called Out to the Central Government to Set up the Laws Restricting the Scams
The college students got scammed by the no-installment/no-interest credit card scams, there were over hundreds of students who were victimized in a total of nine universities or colleges, the Taichung City Government invited the students to mediate with the retail agents, the financial institutions twice last month, and a total of 320 students had reached an agreement, with the total amount of $16.72 million N.T. in total amount. The head of Law Enforcement Restriction Agency, Lee told, that the government did NOT set up laws to restrict the means of installments, there's no government organizations responsible for this area, which gave the financial institutions the open doors, that the government should start drafting up a set of restrictive rules.
The members of the S.E.C. stated, that the individual loans agencies aren't within the jurisdiction of the S.E.C., that the S.E.C. can't make it go by the banking rules, but, the S.E.C. already talked to the three major companies of "buy now pay later", and gave the ultimatum to amend the fine prints of the contracts of applying for a loan already.
The no-card installment mode of transaction isn't through the credit cards, the shops allowed for the consumers to pay in installments, then, resell the debts of the consumers to the funding companies, the shops would get pay-off for these from the funding companies, with the funding companies demanding the installment payment interests from the consumers.
and, here's what that scam looked, like...photo from online
Last year, there was a huge fraud scheme of the no-card installment loan by credit card, with more than 340 students asking the Taichung Law Restriction Department to help them mediate. The mediation was held on the first of last month, a total of 190 reached an agreement in the total amount of $12 million N.T.s; two days ago, another mediation, where 130 individuals had reached the agreements to settle with $4.72 million N.T.s total.
The director of the Restrictive Law Agency, Lee told, that these funding companies are under the charges of Department of Economics, relating to the S.E.C., in the gray areas, which allowed these loans agency to do what they wanted, not providing a written contract for the loans for their customers, no disclosure of the rate of interests which the consumers will pay back what they'd been given, with the unreasonable hidden handling charges, to the point of having the debt collectors collect the debts owed.
The D.A. investigated that in a technology shop in Taichung, the owner, Lin, the store manager, Ji, and the salesperson, Lin were using the sales quotas to get the bonuses paid to them, enticing the college students to put sign the contracts to borrow money with the loan's agencies, to allow them to purchase their laptops, cell phones, installments without a valid credit card, they'd scammed a total of ten million dollars N.T., at least 139 students owed to this scam. The Taichung D.A.'s Office charged Lin and his two other accomplices with severe fraud, organized crime prevention, the case is currently being tried in the Taichung District Court.
In the investigations, the police found, the suspects claimed that they will help the students pay up the remaining amounts they didn't, to entice the students to sign the contracts, and to have them get more of their classmates to sign onto the programs, and, the students out of NINE universities had fallen victim to this, Ponzi scam.
And so, this is still, how these "children" (over eighteen???) get SCREWED by their own, LACK of experiences, because they don't have the worldly experiences of knowing what the @$%# is happening out in the REAL world, and besides, these seemed like a great offer, I mean, you can get that brand new Apple laptop, no installment payments, no interests for thirty-six months, and who wouldn't want that good a deal, right? But, this SHIT is too good to be true, which means??? SCAM ALERT!!! And yet, these innocent "children" who hadn't had enough experiences in REAL life are clueless, and so, they all got, SCAMMED!
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