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ST. LOUIS NEWS TODAY - Sunday, December 31, 2006
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Financing Issues Top List of Consumer Complaints
JEFFERSON CITY, (SLFP.com), December 31, 2006 - Consumer complaints about financing, credit and debt collection were the number one category of complaints to the Consumer Protection Division of Missouri Attorney General Jay Nixon's office in 2006.
Nixon released his annual "Top 10" list of consumer complaints from the 90,523 calls, letter, e-mails and online complaints that came into his office in the past year.
The finance category of complaints took over the top spot in 2006 from complaints about telephone slamming, cramming and billing, which had been the lead category for the previous three years.
The complete Top 10 list of complaints for 2006, along with examples of legal action, includes:
- Financing, credit and debt collection (4,630 complaints and inquiries). Among the legal actions Nixon took during 2006 on these types of complaints were a settlement with Ameriquest Mortgage to pay $3.2 million to Missouri consumers, and actions to stop mortgage fraud in St. Joseph, credit repair fraud in Springfield, and advance loan fraud in Clinton County.
- Charitable solicitations (2,021). Nixon sued to stop a charity scam falsely claiming to benefit children of military personnel killed in Iraq; obtained an order requiring the directors of a Kansas City raffle that never took place to pay $100,000; stopped a case of "badge fraud" in St. Louis County; stopped the placement of donation boxes in Joplin by a man falsely claiming the money would go to Special Olympics; and sued the operator of a raffle offering houses in Kansas City and St. Louis after concerns were raised about the raffles and the prizes.
- Auto sales, repair, odometer, title and towing (1,939). Nixon is prosecuting two Kansas City men on criminal charges of odometer fraud; he shut down a Morgan County auto repair shop whose owner defrauded and allegedly assaulted customers; and he obtained a settlement with motorcycle dealers in Springfield and Columbia that included $198,000 for penalties and consumer restitution.
- Computer software, online services and Internet auctions (1,791). Missouri was the first state to obtain an order to stop the online selling of private cell phone records; Nixon obtained orders against four such businesses in 2006. He also obtained a guilty plea and restitution order against an Independence woman defrauding consumers through online auctions.
- Telephone slamming, cramming and billing (1,382). Missouri led a 34-state settlement to stop a Nevada company from sending "activation" checks for small amounts that would trigger monthly charges to businesses and other organizations, along with $120,000 in restitution for those consumers. In another case, a telemarketer caught splicing tapes so he could fraudulently bill for Web services was ordered to pay restitution.
- Home repair and remodeling (1,327). A Florissant man was sentenced to four years in prison for defrauding home owners; another St. Louis contractor was arrested and charged with eight counts of home repair fraud, after earlier in the year being ordered to repay $64,000 to customers. A Hannibal man was charged with running an asphalt scam in Willard, and other home repair contractors around the state were ordered to pay $40,000, $36,000, $49,000 and $22,000 in cases brought by Nixon.
- Lotteries and sweepstakes (1,290). Many such scams were discovered during "Senior Sting 2006," a project by the Attorney General's Office done in conjunction with volunteers from several senior groups around the state. The volunteers collected their mail for one month; the mail was sorted and reviewed closely to identify potential scams for further action.
- Insurance (1,157). Many of the complaints received by the Attorney General's Office were forwarded to the Missouri Department of Insurance, Financial Institutions and Professional Registration for review by that agency.
- Identity theft (1,149). Nixon's office worked with local, state and federal law enforcement agencies in Missouri and Florida to bring criminal charges against several individuals who allegedly were part of an identity theft ring that stole identity information of Missourians online and used the information to purchase expensive goods.
- Publications, magazines and subscriptions (1,079). Missouri consumers were repaid $116,000 after being improperly billed, thanks to a settlement obtained by Nixon with Time magazine. Two men who sold magazine subscriptions door to door but didn't deliver on the publications were ordered to repay their customers more than $9,500.
Nixon said his office was continuing to make it easier for consumers to file complaints. For the first time in 2006, consumers were able to submit complaints online by using a form Nixon unveiled in February.
"More than 10,000 consumer complaints were submitted this way in 2006, enabling Missourians to file complaints in a speedy and secure manner and helping our analysts and investigators obtain the specific information they need to thoroughly review a complaint," Nixon said. "It's all part of our ongoing effort to make Missouri government more efficient and effective."
Health-Care Cost No. 1 Retirement Concern
ST. LOUIS, (SLFP.com), December 31, 2006 - Nearly one-third of Americans say not having enough to pay for health care is the biggest concern facing our nation in retirement, well above others like working well into one's sunset years, according to a new survey from Edward Jones.
"In many ways, Americans are saying they are concerned that health and medical costs are likely to take the biggest chunk out of their nest eggs," said Lindsey Wilkins, a partner and retirement planning expert at Edward Jones.
In fact, those concerns appear real when faced with figures that health care spending is expected to reach $2.9 trillion in 2009 and $4 trillion by 2015.* Furthermore, nearly half of those respondents nearest to retirement age (55 to 64 years old) are much more likely to be concerned about healthcare costs than younger Americans (43 percent vs. 10 percent), proving that retirement reality is very different from perception.
The study, which was conducted by Kelton Research on behalf of Edward Jones, also highlighted that one in five respondents said they would have to rely on others to support them in retirement. Yet only one in 10 said they would have to work longer than normally anticipated to fund retirement.
The baby boomer generation remains more positive about the future than others in the survey, with only 11 percent saying they expect to rely on others financially in their retirement.
"Retirement planning often takes a backseat, with many people concentrating on the here and now, rather than their future," said Wilkins. "Seeking the right advice is vital to helping ensure financial security in your retirement. Putting away a small amount today can make a real difference tomorrow."
Retirement concerns are not confined to those households with lower incomes. In fact, the reverse is true as those with an income of more than $75,000 are much more concerned about paying for their healthcare later in life (33 percent) than those with an income of $25,000 (16 percent).
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