"Tricks Debt Collectors Use to Mislead Russians: Top 10 Deception Techniques Employed"
Revamped Article:
Img Credit: Oleg Zoloto. [Link to Photo Bank KP]
Swag: Advertising serves as the heart of commerce, a phrase coined by businessman Ludovic Metzel in the early 20th century, ahead of the revolution. Metzel launched the first advertising agency in Russia with a catchy slogan—“Advertising, the heartbeat of trade.”
Fast-forward to today, and the realm of advertising spans far beyond conventional platforms and billboards. It's logged on the internet, humming in messengers, and buzzing through social networks. But not all ads are from honest business owners; there's a host of swindlers out there. Thus, as consumers, we need to learn to discern the advertisements we come across to avoid falling prey to deceit.
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These days, ads offering legal services and consultations on bank debt write-off and settlement have grown in prominence. "We'll wipe away your debts from databases," "We'll release you from debt forever!" – these are the promises made by "debt erasers," and many Russians find their services appealing. With a staggering 50.1 million Russians indebted to banks or microfinance organizations, the allure is understandable. This number has surged by 16% over the past five years. The collective debt owed to banks and microfinance organizations amounts to 38.6 trillion rubles, which is exponentially more than the government's combined revenues last year.
Credit card overdue payments climbed nearly 70% in six months, reaching an alarming 110 billion rubles by spring 2025, according to the United Credit Bureau. The Central Bank reports that the proportion of overdue debt (more than 90 days) has been skyrocketing, particularly for credit cards, which currently stands at 10.5%, a troubling 3 percentage points higher than just a year ago. While the figure still falls short of the 2016 peak (16.7%), the Deputy Central Bank Chairman, Philipp Gabunia, has expressed concern over the trend. A similar scenario is evident in the mortgage market, with the percentage of loans with overdue payments of more than 90 days almost doubling year-on-year.
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You ever feel like you're buried under a mountain of debt, but a slick ad promises to offer a magic solution? Here's the reality: Russians heavily encumbered by bank loans encounter daily ads promising to miraculously ease their financial burdens. While it's tempting to believe, trusting blindly can lead to heartache: loss of money, property, and even a court ruling that your actions were dishonest towards creditors, demanding additional payments to the so-called "debt erasers" on top of your existing obligations.
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Deceitful Practices of "Debt Erasers" Exposed
- Most ads are clandestinely posted on personal accounts rather than flagged as advertisements.
- They swap ads among various online communities with fake accounts, promptly deleting their posts once discovered. A new wave of fraudulent accounts springs up to continue peddling the scam.
- Ads are typically unsophisticated, written in rudimentary language aimed at a broad audience, filled with catchphrases like "guaranteed results," "safe," "protect property," and so forth.
- Ads focus heavily on bankruptcy, claiming it's a hassle-free solution to all fiscal troubles, neglecting to discuss the detrimental effects of this strategy on clients.
- "Debt erasers" declare that every Russian citizen is entitled to write off debts "every five years," citing Federal Law No. 127-FZ "On Insolvency (Bankruptcy)," but this "right" doesn't actually exist in the law.
- They publish images, videos, interviews, and court case numbers of individuals who supposedly successfully shed their debts with their assistance.
- "Debt erasers" boast that they can help eliminate the "fraudulent" loan that was allegedly wrongfully issued in someone's name.
- To lure clients, "debt erasers" often distribute goodies and contests among followers. The prize for winning? Nothing, as we predicted! They may also tempt you with a "job opportunity" where you can supposedly "earn by helping people escape debt quicksands."
- "Debt erasers" disguise their ads as warning videos about new fraudster patterns. They'll advise you to watch a video about a new scam scheme on Goservices, hinting they can "legally wipe away debts through bankruptcy proceedings."
- "Debt erasers" guarantee to pay off your debts if they can't be struck off for any reason, encouraging you to "start anew free of debt." Debt forgiveness is presented as a new chapter in life.
KP NOTE
Deceptive Practices of Russians with Multiple Loans
2021 - 37%*2022 - 40%2023 - 44%20224 - 50%2025 - 50%
*Data as of January 1 of each year, according to the Central Bank
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- Individuals seeking relief from substantial personal-finance debts may encounter deceptive advertisements claiming to offer miracle solutions, often disguised as personal accounts within online communities.
- These advertisements, run by so-called "debt erasers," employ a variety of tactics to obscure their true nature, such as swapping ads, quickly deleting posts, and focusing on catchphrases like 'guaranteed results' and 'safe' methods.
