News Release - Two Duval County Debt Negotiation Companies Sued for Alleged Deception

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Attorney General Bill McCollum News Release

March 5, 2008

en Español

Print Version

Media Contact: Sandi Copes
Phone: (850) 245-0150

Two Duval County Debt Negotiation Companies Sued for Alleged Deception

~ Companies preyed on consumers looking to manage debts, pocketed money intended to repay creditors ~

TALLAHASSEE, FL - Attorney General Bill McCollum today announced that his Economic Crimes Division has filed a lawsuit against two Duval County debt negotiation companies and their owners. The lawsuits allege that Future Financial Direct, Inc., and Provident Financial Services, Inc. deceptively marketed debt management services and charged illegal fees for debt negotiation services which were never provided. The Attorney General noted that his office has received nearly 100 complaints from all over the United States about the two companies.

“Unscrupulous people often masquerade as debt negotiators but do nothing more than take your money,” said Attorney General McCollum. “Florida citizens should always be wary of companies or individuals who are making unreasonable promises or demands, either to restore credit or reduce debt.”

Company owners Ryan Boyd and Curtis Wood allegedly promised consumers that they could reduce their debts by 50 percent or more and demanded fees that greatly exceeded legal limits for debt negotiators. According to the lawsuit, Boyd and Wood instructed customers to stop paying creditors and instead divert what they would have paid to Future Financial Direct and Provident Financial Services. Instead of contacting creditors to negotiate debt reductions, the lawsuit alleges the two simply pocketed the money. Requests for refunds were ignored and many of the consumers were sued by creditors or forced to file for bankruptcy as a result of the companies’ neglect to assist them in legitimate debt negotiation.

The Attorney General’s lawsuit seeks full restitution for the affected consumers and asks the court to grant an injunction against Boyd, Wood and their companies, preventing them from engaging in credit counseling services. Civil penalties of $10,000 per violation of Florida’s Deceptive and Unfair Trade Practices Act are also being sought.

Consumers who believe they may have been victimized by either company may contact the Attorney General's Office at 1-866-966-7226 or online at http://.myfloridalegal.com to file a complaint.

A copy of the lawsuit filed today is available online at: http://myfloridalegal.com/webfiles.nsf/WF/JFAO-7CFMMD/$file/FutureFinancialComplaint.PDF