New York State Department Of Financial Services Announces Settlement With Two Debt Buyers Resulting In $3 Million of Restitution To Thousands Of New York Consumers - National Credit Adjusters To Pay $200,000 Penalty And CKS To Pay $25,000 Penalty For Collecting On Illegal Payday Loans

The New York State Department of Financial Services (DFS) announced today that it has entered into consent orders with two debt buyers, National Credit Adjusters, LLC (NCA) and Webcollex LLC (doing business as CKS), resulting in restitution of $3 million to New York consumers. NCA and CKS improperly purchased and collected on illegal payday loans from New York consumers. As part of the restitution, NCA will discharge more than $2.26 million in New York consumers’ payday loan debts and provide refunds totaling $724,577 to more than 3,000 New Yorkers.  CKS will issue $66,129 in refunds to the 52 New York consumers affected by its unlawful practices, as well as discharge $52,941 in debt to 106 New Yorkers. Today’s settlements represent the first DFS settlements to provide consumer restitution to New York consumers harmed by payday loans.