Credit Crisis and Banking & Finance and Loans

Indiana firm pays W. Virginia $175,000 in consumer case

November 8, 2010

An Indiana debt settlement company has paid $175,000 to West Virginia as part of a settlement with the attorney general involving its operations in the state.


Attorney General Darrell McGraw said Monday that the money will be used to compensate customers of Indianapolis-based Preferred Financial Solutions Inc., doing business as CCR Now or Credit Card Relief Now.
McGraw said in a news release that the company also will settle current customers' debts without further charge.

McGraw's office had alleged that the company wasn't registered to do business in West Virginia and charged customers more than the amount allowed by the state. The maximum charge is 2 percent of the amount consumers deposit for payment to creditors.

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