The Illinois attorney general claims two student loan consolidation firms, First American Tax Defense and Broadsword Student Advantage, charge hundreds of dollars up front for products that don’t exist or are available for free.
Broadsword Student Advantage / Via getforgiven.org
Lawsuits filed today by the Illinois attorney general accuse two student loan debt settlement firms, Broadsword Student Advantage and First American Tax Defense, of preying on borrowers desperate to reduce their student loan payments. The lawsuits are the first of their kind to go after debt settlement firms, which have surged in number since the recession.
First American Tax Defense allegedly promises to end wage garnishments, improve credit ratings, and prevent tax liens — all services the company does not actually provide, according to the lawsuit.
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