| December 20, 2010

FTC aims to close another debt settlement business

In recent months, the Federal Trade Commission has passed a number of new regulations that were meant to cut down on deceptive practices by debt settlement companies.

This included limiting how these companies could market themselves and how they could collect fees from consumers.

As part of this crackdown, the FTC is aiming to shut down a business that conducted itself under the aliases 800 Credit Card Debt and Debt.com, according to the agency. In its national advertising campaign, the company promised to cut consumers debt by up to 60 percent and featured a number false testimonials.

However, an investigation found the company did not offer any such services, but merely sold sales leads to other debt settlement providers or other such brokers. In many cases, consumers were contacted by additional companies and did not even know which debt settlement providers ultimately purchased the leads.

The FTC says the company must now surrender funds in its bank accounts and sell its property and other investments. At this point, it is unclear whether consumers will recover funds falsely taken from them by the operation.

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