Lender to forgive $92 million in inflated loans to soldiers in settlement with NY, 12 other states
Michelle Breidenbach
More than 550 New York state service members will benefit from a combined $2.2 million in consumer debt relief because of a settlement New York and 12 other states reached with the military lender Rome Finance Company, Attorney General Eric Schneiderman announced this morning.
The settlement liquidates the company and provides a total $92 million in debt relief to 17,800 affected service members around the world. It marks outstanding debt "paid in full" with reporting agencies and bans new business by the company and its principals, according to a news release.
The company, which did business most recently as Colfax Capital Corporation and Culver Capital, LLC financed consumer debts only to service members for computers, gaming systems and other sales online or at malls near bases.
http://www.syracuse.com/news/index.ssf/2014/07/schneiderman_and_12_other_states_announce_92_million_settlement_with_military_le.html#incart_river
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