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State sues debt firms
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Published: October 20, 2009
Five debt reduction companies left customers in worse financial shape, according to lawsuits filed by the Florida Attorney General's Office.
Companies being sued under Florida's Deceptive and Unfair Trade Practices Act are Clearwater-based ADA of Tampa Bay Inc., Texas-based Credit Solutions of America and Arizona entities Nationwide Asset Services, Service Star LLC and Universal Debt Reduction LLC.
The state says the companies collected large upfront fees, left consumers little money to pay creditors and likely damaged their credit scores.
Credit Solutions CEO Doug Van Arsdale said in an e-mail Monday, "This shows a misunderstanding of the industry and of our company.
"When people become overwhelmed by credit card and other debts, they need help. We provide it."
The attorney general's office is investigating more than 70 debt relief companies.
Consumers who think they have been victimized by a debt relief program are urged to file a complaint at www.myfloridalegal.com.
A staff report
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