Debt-Relief Services Company Ordered to Refund Up To $100,000 ...

A federal district court in Miami has ordered a nationwide debt-relief services company to refund up to $100,000 to consumers who were unlawfully charged advance fees for debt-settlement services.?
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The Consumer Financial Protection Bureau (CFPB) said that its investigation found evidence that Payday Loan Debt Solution, Inc. (PLDS) routinely charged consumers upfront fees prior to settling the consumers? debts. This practice violated the Federal Trade Commission?s Telemarketing Sales Rule, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and various state laws, according to the CFPB. The CFPB added that upon being informed of its investigation, PLDS cooperated with the CFPB and immediately ceased its unlawful conduct.
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At the request of the CFPB and the five state law-enforcement agencies, the court ordered PLDS to provide a full refund, $100,000 in total, to consumers who were charged advance fees, but who received no debt-settlement services from PLDS by the time their accounts were closed. Additionally the order requires PLDS to pay a $5,000 penalty to the CFPB Civil Penalty Fund and prohibits PLDS from engaging in unlawful conduct in the future.
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The full text of the order can be found at:?http://files.consumerfinance.gov/f/201212_cfpb_plds-complaint.pdf.
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The Bureau?s filing can be found here:?http://files.consumerfinance.gov/f/201212_cfpb_plds-final-judgment.pdf.
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Source: http://www.financialfraudlaw.com/lawblog/debt-relief-services-company-ordered-refund-100000-consumers/4306

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