Company allegedly targeting troops must provide $96 million in debt relief

[rangerrebew]

Company allegedly targeting troops must provide $96 million in debt relief

By: Karen Jowers, October 1, 2016
A company accused of targeting service members with high-cost loans and predatory practices will provide nearly $96 million in forgiven debt and restitution for thousands of customers, most of whom are in the military or veterans, under a 49-state settlement.

The settlement, announced Friday by the states, will force the company, USA Discounters, to wipe out a large amount of outstanding consumer debt, provide restitution credits and correct consumers’ credit reports, according to the Virginia state attorney general’s office. More than 8,000 consumers in Virginia alone will receive more than $10.5 million in restitution.

The only state not included in the settlement was Colorado, which previously settled with the company under similar claims.

USA Discounters, also doing business as USA Living and Fletcher’s Jewelers, sold furniture, appliances, televisions, computers, smart phones, jewelry and other consumer goods, and financed many of the sales on credit. They marketed their products mostly to military members and veterans, and many of the stores were located near military bases. 

http://www.militarytimes.com/articles/49-state-settlement-with-usa-discounters-accused-of-targeting-service-members

[SZonian]

Never heard of them, but there have always been "loan sharking" outfits like this near bases. 

So many servicemembers are easy prey for predators who have onerous terms that are sometimes very well disguised in the contracts.

[Maj. Bill Martin]

Company allegedly targeting troops must provide $96 million in debt relief

By: Karen Jowers, October 1, 2016
A company accused of targeting service members with high-cost loans and predatory practices will provide nearly $96 million in forgiven debt and restitution for thousands of customers, most of whom are in the military or veterans, under a 49-state settlement.

The settlement, announced Friday by the states, will force the company, USA Discounters, to wipe out a large amount of outstanding consumer debt, provide restitution credits and correct consumers’ credit reports, according to the Virginia state attorney general’s office. More than 8,000 consumers in Virginia alone will receive more than $10.5 million in restitution.

The only state not included in the settlement was Colorado, which previously settled with the company under similar claims.

USA Discounters, also doing business as USA Living and Fletcher’s Jewelers, sold furniture, appliances, televisions, computers, smart phones, jewelry and other consumer goods, and financed many of the sales on credit. They marketed their products mostly to military members and veterans, and many of the stores were located near military bases. 

http://www.militarytimes.com/articles/49-state-settlement-with-usa-discounters-accused-of-targeting-service-members

Now there's a shocker -- rent to own places and other low-rent retailers take advantage of military personnel.  I used to get calls from various shady outfits upset that my Marines were behind on their payments.  I'd tell that they were the ones who made the loans to guys they knew probably couldn't make the payment -- it was their problem, not mine.

[rangerrebew]

  I'd tell that they were the ones who made the loans to guys they knew probably couldn't make the payment -- it was their problem, not mine.

That isn't what the Obama administration told the banks about bad home loans, if you get my point.