Fri. Jun 2nd, 2023

The Federal Trade Commission is sending payments totaling more than $557,000 to consumers who paid money to GDP Network, LLC (YF Solution), a Florida-based telemarketing company that promised credit card interest rate reductions and regularly failed to deliver.

The FTC is sending checks to 611 consumers. Recipients should cash their checks within 90 days as indicated on the check. Consumers who have questions about their payment should call the refund administrator, JND Legal Administration, at 844-633-0708, or visit the FTC website to view frequently asked questions about the refund process. The Commission never requires people to pay money or provide account information to get a refund.

The FTC and the State of Florida sued GDP Network and its owners in July 2020, alleging that they charged consumers as much as $3,995 for their debt relief services, making claims that they were affiliated with major credit card companies and could save consumers thousands of dollars by securing reduced interest rates. In fact, according to the lawsuit, consumers rarely, if ever, saw any benefit from the company’s supposed services and were ultimately left with more debt and worse credit. The scam’s operators agreed to settlements that the court entered in November 2021 that permanently banned them from the debt relief industry and required them to surrender assets.

The Commission’s interactive dashboards for refund data provide a state-by-state breakdown of refunds in FTC cases. In 2022, Commission actions led to more than $392 million in refunds to consumers across the country.

Official news published at https://www.ftc.gov/news-events/news/press-releases/2023/05/ftc-sends-more-557000-consumers-harmed-credit-card-interest-rate-reduction-scam

The post FTC Sends More Than $557,000 to Consumers Harmed by Credit Card Interest Rate Reduction Scam first appeared on RSVTV news.

originally published at Finance - RSVTV news