| November 19, 2010

Debt settlement firm to reimburse West Virginia

An Indiana debt settlement company has been ordered to pay West Virginia $175,000 as part of a settlement with the Mountain State’s attorney general.

West Virginia’s attorney general Darrell McGraw announced the agreement on Monday, after the company was accused of charging customers more than the legal limit for services.

Preferred Financial Solutions, operating under the moniker Credit Card Relief Now, allegedly violated a statute in state law, which mandates that debt settlement firms charge no more than 2 percent on funds for creditor reimbursement, Bloomberg reports. The company also allegedly performed the services without the necessary licensing.

“My office will continue to scrutinize the debt relief industry in an effort to protect consumers who are already facing dire financial circumstances from paying excessive fees for services that may leave them in worse shape than before,” McGraw told Legal News Online.

As part of the agreement, McGraw said the company plans to offer services to the customers without further charge, the news source says.

Current customers have until November 30 to claim their reimbursement.

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