DEBT RELIEF COMPANIES SCAMMED CONSUMERS, SAYS FTC; MUST REPAY MILLIONS
March 30, 2005
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WASHINGTON – The Federal Trade Commission Wednesday announced settlements with three businesses that took more than $100 million from consumers by falsely promising easy debt relief when actually their offerings made the problems worse.
In some cases consumers’ debt, interest rates and penalties increased, and some consumers were forced into bankruptcy, the agency said.
The three companies and their principals have agreed to pay $6 million in restitution with an additional $124 million in penalties ordered but suspended, according to an FTC statement. A court-appointed receiver also recovered $24 million from one of the businesses.
Click her for full story:
http://www.ftc.gov/opa/2005/03/creditcouncel.htm
