On June 14, 2023, the Federal Commerce Fee (FTC) introduced that it settled a lawsuit in opposition to Arete Monetary Group (Arete Monetary) for working an unlawful scholar debt aid scheme and that it’ll ship checks totalling $3.3 million to 37,844 debtors harmed by the corporate.
Arete Monetary was sued by the FTC for mendacity to debtors about being affiliated with the Division of Training, falsely promising to cut back or get rid of scholar mortgage funds, and charging debtors upfront or recurring charges. Based on the FTC, the corporate was operating a debt aid rip-off – a irritating and customary scheme the place an organization gives debt aid to scholar mortgage debtors, costs costly charges, and by no means offers the promised aid.
I acquired a verify within the mail from the FTC. What do I do and the way do I do know this isn’t a rip-off?
When you obtain a verify as a part of this settlement, it is best to money it inside 90 days.
A fee or declare kind despatched by the FTC for this settlement will embody a proof concerning the settlement and particulars concerning the case. The case can be listed at ftc.gov/refunds, together with the identify of the corporate issuing funds and a telephone quantity for questions.
You could find solutions to frequent questions on FTC refund funds on the FTC’s Refund FAQ web page. When you have some other questions, you possibly can name the refund administrator at 855-678-0558.
Be careful for debt aid scams!
Don’t pay an organization that can assist you settle your scholar mortgage debt or cut back your funds. Debt aid corporations regularly cost costly charges and upfront prices and by no means ship on the guarantees they make to cut back your debt. They usually can’t do something that you would be able to’t do your self, or with the assistance of your mortgage servicer, without spending a dime. The Client Monetary Safety Bureau (CFPB) has an inventory of purple flags for figuring out scholar mortgage aid scams.
For extra assist together with your scholar mortgage debt, see our web page on Coping with Debt.
When you have been a sufferer of a debt aid rip-off, file a grievance with the FTC and CFPB.
