CFPB files suit against Morgan Drexen over debt-relief services

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CFPB Orders Debt Relief Firm to Pay $173M. one for debt settlement services and the other for bankruptcy-related services. The CFPB alleged that the bankruptcy-related contract Morgan Drexen presented to consumers was a ruse designed to disguise impermissible upfront fees for debt relief work.

The Consumer Financial Protection Bureau filed suit against Walter Ledda and his debt settlement company, Morgan Drexen Inc., for charging illegal upfront fees and deceiving customers. The CFPB.

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fee ban, have had a significant impact on the industry for the better.. Moreover, with the new pay-for-service model, we expect debt settlement. year, the CFPB filed a lawsuit against Morgan Drexen, alleging that it charges illegal upfront.

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The CFPB states that this debt-relief scheme began in 2007 when Vincent Howard and Lawrence Williamson worked with debt relief company Morgan Drexen, Inc. to collect millions in illegal advance fees. Even though Morgan Drexen folded after the CFPB obtained a $173 million judgment against it, Howard and Williamson continued with the scheme.

Yesterday I mentioned the Consumer Financial Protection Bureau filed suit against Morgan Drexen. As I mentioned, I said I would take more time today and wander through the complaint filed and share more about the allegations. If there was no doubt in the mind of any debt relief industry executive if the CFPB was set [.]

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Credit repair company Morgan Drexen is. according to CFPB financial reports. The CFPB sued the company and CEO Walter Ledda in 2013 for violating a federal ban on upfront fees for debt relief. In.

The Consumer Financial Protection Bureau filed a lawsuit against Morgan Drexen and its president and CEO Walter Ledda for allegedly deceiving customers by charging upfront illegal fees this week.

The Consumer Financial Protection Bureau filed a lawsuit in federal district court on August 20 against a Nevada corporation, Morgan Drexen Inc., and its president and chief executive officer, Walter Ledda, alleging the company charged illegal upfront fees and deceived consumers. The CFPB says the company falsely claims that it does not charge consumers upfront fees for debt-relief services.