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The Federal Trade Commission (FTC) announced that it’s sending more than $273,500 in refunds to consumers who fell victim to a student debt relief scheme. 

The scammers, who operated under the business name Manhattan Beach Venture, charged consumers upfront fees of up to $1,400 and tricked them into believing that the payment would go towards permanently lowering or eliminating their student loan payments

Consumers were then signed up to finance the fee through a high-interest loan with third-party financier Equitable Acceptance Corporation, which the FTC said is another defendant in its action.

Persuasive sales pitch 

The FTC said the bad actors used a “persuasive” sales pitch, telling consumers they qualified for a federal program that would allow their student loans to be either fully or partially forgiven and that they could get a permanent reduction in their monthly payments. 

“When…

Read full article at scamguards.org

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