Vermont Business Magazine In a settlement announced Friday, United Advisors Group LLC (“UAG”) agreed to stop doing business in Vermont, to reimburse $5,000 to Vermont residents who paid for their services, and to pay a penalty of $6,500. The company purported to aid consumers in consolidating their student loans in order to reduce their debt.
Rather than aid Vermonters in lowering their debt, UAG entered some consumers into debt deferral programs and collected fees while the debt grew, unbeknownst to the consumers. UAG’s behavior violated Vermont’s Consumer Protection Act. UAG also did business in Vermont without obtaining a Debt Adjuster License or the necessary bond.
“High student debt is enough of a problem without dishonest companies coming in and taking advantage of Vermonters in need,” said Attorney General William H. Sorrell. United Advisors Group was one of the most active student loan debt consolidators doing business in Vermont.
More information about Attorney General Sorrell’s efforts to protect consumers can be found at http://ago.vermont.gov/focus/consumer-info.php.
Source: Vermont AG 11.18.2016