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Consumer Law News
FTC Settles Two Complaints Charging Rebate-Fulfillment Violations
Under the terms of separate consent agreements announced today, the Federal Trade Commission has settled charges against two companies for unfair and deceptive rebate practices. The Commission’s complaint against Soyo, Inc., alleges that most of Soyo’s rebates were delivered late – in some cases, consumers had to wait a year or longer for their checks to arrive. The Commission’s complaint against the InPhonic alleges that, in connection with its advertised rebate offers, among other things, the company failed to provide promised documents needed to obtain rebates, to send out rebate checks in the time promised, and to disclose adequately certain material terms and conditions prior to purchase. The settlements bar the companies from similar violations in the future and require them to pay outstanding rebates to affected consumers.
“When it comes to rebates, protecting consumers’ rights is a Commission priority,” said Lydia Parnes, Director of the FTC’s Bureau of Consumer Protection. “Rebate terms must be disclosed up-front and clearly, and rebates must be delivered on time.” Read more at ftc.gov.
Definition:
Any mistake in your monthly statement as defined by the Fair Credit Billing Act.
Residual Value
Definition:
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.
SLAMMING
Definition:
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.
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