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Debt Collection Business Ordered to Close

Thursday, June 11, 2015 - Posted by Philip Harvey

In the US, the Georgia Consumer Protection Office gave orders closing a debt collection business and to stay out of the industry for 5 years. This stemmed from accusations of:

  • Attempting to collect debts already paid
  • Attempting to collect illegitimate debts
  • Threatening consumers with arrest, criminal charges and physical violence
  • Pursuing debts that were statute barred
  • Making phone calls at unreasonable hours

The owners of the business agreed to pay a US$15,000 fine now with a US$445,000 fine payable if they re-enter the debt collection industry within 5 years.

As part of closing the business, over US$3M loans under collection will no be collected.

Source: http://finance.yahoo.com/news/debt-collector-write-off-3-113047853.html


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