FTC Files Complaints Against Two Allegedly Phony Student Debt Relief Programs

  • The FTC filed a complaint against SL Finance LLC and a separate complaint against BCO Consulting Services, Inc. and SLA Consulting Services Inc., as well as the companies’ owners. The FTC alleges that the companies violated the FTC Act, the Telemarketing Sales Rule, and the Graham-Leach-Bliley Act by allegedly operating two student loan debt relief schemes that deceived consumers with false loan forgiveness promises.
  • According to the complaints, SL Finance and BCO Consulting and SLA Consulting lured consumers into paying them hundreds of dollars by falsely promising to secure loan forgiveness or loan repayment plans on borrowers’ behalf. However, the complaints allege that these companies failed to pursue or fulfill any of the promised debt relief and frequently denied refund requests from dissatisfied customers. Moreover, the complaint against SL Finance claims that the company violated the COVID-19 Consumer Protection Act by misrepresenting that its program was part of a COVID-19 relief program.
  • The complaints seek permanent injunctions to prevent future violations, preliminary injunctive and ancillary relief to prevent consumer harm during the pendency of the action, request an order freezing the defendants’ assets, and seek monetary and other forms of relief.