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Investing and Economics Blog

Minnesota’s Attorney General Suing 3 Debt-relief Companies

Minnesota’s attorney general suing 3 debt-relief companies

Until the phone call, Rossie Anderson-Howze didn’t think she needed help negotiating her $12,000 in credit card debt. But when the company promised to cut the retiree’s 12.9 percent interest rate and save her $4,000 or her money back, she agreed to let Moneyworks LLC charge $1,090 to her card.

The company failed to deliver on its promises, she said, forcing Anderson-Howze, of St. Paul, to become one of hundreds of Minnesota consumers to seek help from Minnesota Attorney General Lori Swanson.

Swanson sued Moneyworks LLC and two other debt assistance companies on Tuesday, alleging that the companies made unsolicited phone calls promising lowered interest rates, guaranteed savings and money-back guarantees. Swanson alleges that Washington-based Priority Direct Marketing, Clear Financial Solutions of Florida and Moneyworks LLC, based in Georgia, “charged financially strapped people a lot of money to lower the interest rates on their credit cards, only they failed to do so, leaving people even further behind on their bills.”
…
Swanson also sent a letter to the Federal Trade Commission asking it to adopt federal regulations to prohibit companies from charging consumers until services are delivered satisfactorily.

Many organizations overing to help with debt relief are fraudulent. They are constantly being shut down for illegal activity. You must be very careful when you consider dealing with any of these organizations. Do not pay out money up front. Make sure the organization has a strong reputation and history of ethical behavior. Be financially literate: don’t get taken advantage of.

Related: Manage Your Borrowing and Avoid Debt Negotiators – USA Consumers Paying Down Debt – Continued Credit Card Company Customer Dis-Service

September 23rd, 2009 John Hunter | Leave a Comment | Tags: Financial Literacy, Personal finance, Tips

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