29 Jul '14, 3pm

Lending scam: Nearly 18,000 personnel to get debt relief: New York and 12 other states have settled ... #airforce

ALBANY, N.Y. — New York and 12 other states have settled an investigation into improper lending with a court agreement to shut down the company and expected to provide $92 million in debt relief for 17,800 U.S. military personnel. New York’s Attorney General Eric Schneiderman says deceptive practices by Rome Finance Co. based in California and Georgia included failing to accurately disclose charges and interest rates and helping retailers inflate prices, with repayments taken from servicemembers’ paychecks. Authorities say military personnel will keep financed merchandise like computers and gaming systems with debt forgiven, including $2.2 million for more than 550 New York residents. Rome Finance did business recently as Colfax Capital Corp. and Culver Capital LLC. Other states are Colorado, Delaware, Florida, Georgia, Kentucky, Indiana, Iowa, Massachusetts, Michigan, Nor...

Full article: http://www.airforcetimes.com/article/20140729/NEWS/307290056

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17,000 troops' debt relieved in settlement with...

airforcetimes.com 29 Jul '14, 7pm

About 17,000 service members tricked into predatory loans could see their debts erased under a settlement announced by fed...