FirstPlus Financial Group, Inc. agrees to settle FTC charges that ads for debt consolidation loans were false and misleading.

0 Comments | M2 Presswire, August, 2000

M2 PRESSWIRE-18 August 2000-FTC: FirstPlus Financial Group, Inc. agrees to settle FTC charges that ads for debt consolidation loans were false and misleading (C)1994-2000 M2 COMMUNICATIONS LTD RDATE:17082000 FirstPlus Financial Group, Inc. (FirstPlus) has agreed to settle Federal Trade Commission charges resulting from the advertising and marketing practices of FirstPlus's now bankrupt subsidiary, FirstPlus Financial, Inc.

According to the FTC's complaint, ads for FirstPlus's "debt consolidation" loans, including "high-loan-to-value" (HLTV) loans, were false and misleading because the ads misrepresented, among other things, the amount of money that consumers would save, and failed to adequately disclose key information about the loans. The...