‘Predatory’ Military Lender Told to Forgive Iowans’ Debt

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DES MOINES, Iowa – Over 100 current and former Iowan service members are set for some debt relief.

Attorney General Tom Miller announced Tuesday that military consumer lender, Rome Finance, will liquidate and provide $91 million in debt relief to consumers across the country.

Miller says the lender, also known as Colfax Capital Corporation and Culver Capital, charged undisclosed fees and burdened service members with artificially high debt. Annual percentage rates were as high as 100 or 200 percent.

“Our agreement holds Rome Finance and its principals accountable, and it also helps make things right for those who were victimized by this truly offensive and predatory scheme,” Miller said.

The company has agreed to stop collections but isn’t admitting any wrongdoing.

1 Comment

  • Troy Hendrickson

    So when will the AG be making sure ordinary consumers who are victims of similar lenders are given the same kind of protections, or is he just pandering for the vet vote?

Comments are closed.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.