Debt Relief Industry Sued or Sanctioned

Debt Settlement Company Elite Financial Services Agrees to Repay Missouri Consumers

Attorney General Koster yesterday announced that the Massachusetts-based debt settlement firm Elite Financial Services, Inc., has agreed to refund all fees paid by Missouri consumers and cease operating in Missouri.

Koster said Elite Financial Services charged consumers a fee and promised to reduce their unsecured debt, such as credit card debt, but failed to do so in many instances. He said the company has agreed to an injunction barring them from accepting any business from Missourians and to refund all fees paid by any Missouri consumers who submit complaints to the Missouri Attorney General’s Office within one year of today’s date.

The Attorney General’s Office will send notices in the coming weeks to all consumers who signed up for so-called debt relief services with Elite Financial. The notices will inform Missouri consumers of their right to a full refund of any and all fees paid to this company.

Any consumers who do not receive a notice but believe they are entitled to a refund from Elite Financial Services should contact the Attorney General’s Office at 800-392-8222.

“The debt settlement industry has sought to profit from the fear and stress many Missourians are experiencing in these difficult economic times.” Koster said. “These so-called debt settlement companies prey on consumers who are desperately searching for a way to decrease their debt. These companies promise to magically reduce consumer debt by 50 percent or more, but in reality, most consumers end up worse off by following their advice. These companies will face aggressive consumer law enforcement in Missouri.”

Koster warned consumers to be wary of claims made by these companies and never to pay upfront fees for this so-called service.

Today’s settlement was filed in Oregon County, Missouri. Elite Financial’s conduct was brought to the attention of the Attorney General’s Office by Legal Services of Southern Missouri.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

8 Comments

  • The laws in CT differ from most states and are far more restrictive than nearly all the others inb Debt settlement. First, The DS company must have license with the Department of Banking. There is also a $1600 lic fee & a $50k bond. Fees are limited to 10% of amount saved AT SETTLEMENT- Not to taken before.

    http://www.ct.gov/dob/lib/dob/… You will see from the list that Elite does not have one.

    The statutes governing CT DS companies are here- http://www.cga.ct.gov/2010/sup… For profit Debt Negotiation begins at CH 671

    For the record, we are not doing business in CT at this time.

    Sean Ryan
    Active Debt Solutions
    http://www.active-debt.com

    P.S. https://stever39.sg-host.com/24599/

  • I Would nag the CT AG office and if you can, find other CT victims that will file a complaint with the Attorney General, do it. You have to get this situation on their radar for them to take action and invest time to do the same.

  • It appears that Wayne Ahlquist is the person that owns Elite along with many other companies and I wonder if other CT residents that enrolled in the other companies will have justice for this scam program.

  • Steve thanks for all of the helpful information about this company. Both myself and my husband we’re promised to get our of debt in 24 months and in less than a year we’re sued by every credit card company that we put in the program. We are hoping that residents of Connecticut will also money back. In you opinion will the CT attorney general do what the MO attorney general did for the residents in that state? We are out $3200 in fees paid to them and court fines. We have already filed a complaint with our local BBB, attorney general and federal trade commission. We have tried to resolve the problem with the owners directly and always get their voicemail.

  • Steve thanks for all of the helpful information about this company. Both myself and my husband we’re promised to get our of debt in 24 months and in less than a year we’re sued by every credit card company that we put in the program. We are hoping that residents of Connecticut will also money back. In you opinion will the CT attorney general do what the MO attorney general did for the residents in that state? We are out $3200 in fees paid to them and court fines. We have already filed a complaint with our local BBB, attorney general and federal trade commission. We have tried to resolve the problem with the owners directly and always get their voicemail.

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