Debt collection firm pays $2.5 million to settle FTC charges

01 Feb 2012, by Benjamin Luftman in Consumer Law, Misc, News

The Federal Trade Commission has been cracking down on debt settlement companies who prey on consumers while trying to collect old debt. Asset Acceptance, LLC is one of the nation’s largest collection companies and has agreed to pay $2.5 million to settle the charges brought by the FTC.

“Most consumers do not know their legal rights with respect to collection of old debts past the statute of limitations,” said David Vladeck, Director of the FTC’s Bureau of Consumer Protection.

If you have ever paid any money to a company to reduce your debt, call the law offices of Luftman, Heck & Associates to see how we can help you get your money back.

Many people in today’s economy are finding it harder and harder to live life the old fashioned way. They rely on credit cards to fill in the gaps where their hard earned paychecks weren’t enough. After accumulating a fair amount of debt, consumers are looking for a way out and don’t know where to turn. Debt settlement companies promise to reduce your debt by working with the creditors to bargain a better deal. What you don’t know about many of these companies is that they are operating illegally in Ohio. Individuals that choose this route end up paying a large upfront fee and an almost unreasonable amount per month, but never receive any relief.

If you have ever paid any money to a debt settlement company to reduce your debts, we may be able to help you fight to get your money back. Call Luftman, Heck & Associates to speak with an attorney today at (614) 224-1500.

Read More: Federal Trade Commission