CFPB Takes Action Against Debt Settlement Firm
Black Enterprise Magazine July/August 2018 Issue

Five Legal Terms Every Business Owner Should KnowSometimes debt collectors can be downright sneaky. Thankfully, the Consumer Financial Protection Bureau is here to protect us from abusive practices.

This week, the CFPB requested that a federal district court submit a consent order to require Premier Consulting Group LLC to be fined $69,075 for allegedly charging consumers illegal fees for debt-settlement services they had not received. Mission Settlement Agency and several related divisions were also named in the settlement.

“These companies took advantage of consumers in financial distress, charging tens of thousands of dollars for services they failed to deliver,” said CFPB Director Richard Cordray. “Charging upfront fees for debt-settlement services is against the law, and today’s action is another reminder that these illegal practices will not be tolerated.”

If you were adversely affected by any of these debt collectors, the CFPB says you might be eligible for relief from the bureau’s Civil Penalty Fund at a later date.

For more on this topic, see Debt Collection a Top Complaint for Older Americans.

Join the Conversation