Debt Negotiators Banned from the Business Forever
The Federal Trade Commission (FTC) has reached a settlement agreement with Debt Solutions, Inc.; DSI Financial, Inc.; DSI Direct, Inc.; Pacific Consolidation Services, Inc.. The settlement also includes the owners of the four companies, Kenneth Schwartz and Jennifer Whalen, and two of their managers.
The FTC allegations are simple, and all-too familiar. The companies apparently represented to debtors that they had special relationships with credit card companies and other creditors that would lower interest rates and reduce overall payments. Customers were “guaranteed” to save a certain amount of money, but no time frame was specified, so that the debtors might have to make payments for decades to realize the savings. The savings they did see typically came only from increasing monthly payments and not from any actual reduction in interest rates or fees.
Schwartz and Whalen agreed to a permanent ban on engaging in the debt negotiation or debt elimination business.
Two down…how many to go?
July 20th, 2007 at 5:57 pm
I think you’ve misused the term “debt negotiation”. Debt negotiators reduce the balance owed.
November 22nd, 2007 at 11:59 am
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December 14th, 2007 at 5:18 pm
Is this a case of he said she said? What proof was given?
December 18th, 2007 at 2:05 pm
These crooks are still doing the same thing in Massachusetts.
Can’t get any one in our AG’s office to pay attention to it.
December 19th, 2007 at 8:41 am
Sometimes, people who are in dire financial straights will say or do anything to get out of their obligations
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