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News Now

Washington
CFPB Cracks Down On Two Debt Relief Companies
WASHINGTON (5/8/13)--Under a complaint filed Tuesday by the Consumer Financial Protection Bureau, two debt-relief providers, Mission Settlement Agency and Premier Consultant Group LLC, would be made to halt their current practices, repay impacted customers and give up allegedly ill-gotten gains.

"These wolves in sheep's clothing take money from consumers who are already struggling to pay their bills, falsely promising them help while really making their problems worse," CFPB Director Richard Cordray said.

The compliant, which was filed by the CFPB in the U.S. District Court for the Southern District of New York, alleges that the two firms and related entities and individuals:

  • Unlawfully collected fees in advance of providing debt relief services; and
  • Failed to provide effective debt relief services.
Cordray also said Mission "impersonated a government agency" and encouraged employees "to sign up consumers by any means, including lies about the cost and timing of fees."

The defendants allegedly charged more than $1.3 million in combined fees to more than 1000 consumers in multiple states.

The CFPB worked with the U.S. Department of Justice to investigate both firms. "Consumers deserve better, and we are proud of this joint effort to crack down on unscrupulous behavior," Cordray added.

For more on the charges, use the resource link.
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CFPB Release
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