FTC Sues Three Dallas Debt Settlement Firms

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The Federal Trade Commission has accused three Dallas debt settlement companies of making deceptive claims about the results they achieve for consumers who are deeply in debt. The FTC claims the companies said that if consumers enrolled in their programs they could erase 30 to 60 percent of their credit card debt and be debt-free in a matter of months. However, the FTC says the companies “rarely negotiate settlements for all accounts entered into the debt relief service by consumers.”

The companies sued by the FTC are Debt Consultants of America Inc., Debt Professionals of America Inc. and Financial Freedom Processing Inc., formerly known as Financial Freedom of America Inc. All three deny any wrongdoing.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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