Jun 12
Debt-management plan didn’t pan out for senior
Debt Management No Comments »CONSUMER WATCH
IRIS TAYLOR
Jun 11, 2006
Mary Meinert of Waynesboro, a disabled elderly woman, says she got ripped off by a Texas company that sells debt-management plans.
She owed about $10,000 to credit-card companies in 2001. One day, she saw a television ad promising to help her wade out from beneath that debt.
She telephoned the company, then called Risk Management Limited, now Risk Management Partners Ltd., in Irving, Texas, and paid a $399 management fee to enroll in its debt-management program.
The deal called for the company to deduct $200 a month from her husband’s bank account to pay off her debts.
"When I started out, they did real good," Meinert said. "They paid off four credit cards. After that, they just stopped, but we were steadily paying them. It was 7,000-some odd dollars that we paid in."
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