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FTC Takes Aim at Another Credit Counseling Firm.(Federal Trade Commission)
The Federal Trade Commission has cracked down on another consumer debt counseling firm for allegedly deceiving consumers about its debt negotiation efforts and charging undisclosed fees.
The FTC has filed a complaint against the National Consumer Council, based in Santa Ana, Calif., and a U.S. District Court judge issued a restraining order that has shut down the organization, at least temporarily. A court hearing is scheduled for May 24.
The FTC alleges that NCC debt negotiation programs are largely "ineffective" and many consumers end up filing for bankruptcy.
The FTC, under chairman Timothy Muris, has filed several legal actions against consumer counseling agencies, including AmeriDebt, based in Germantown, Md., for engaging in deceptive practices that harm consumers.
Mr. Muris unexpectedly announced on May 11 that he plans to step down as chairman this summer. President George Bush has nominated a Justice Department attorney, Deborah P. Majoras, to replace him.
In the National Consumer Council case, the FTC found that the firm encourages consumers to stop paying their debts once they sign up for a debt reduction program. But NCC usually does not begin negotiating with creditors until the client's accounts are six months delinquent, the FTC says in the complaint.
This prompts creditors to become more aggressive in their collection efforts, which can result in additional penalty fees and higher interest rates.
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