Crelogix reaches resolution on Chateau World accounts

BURNABY, BC, Sept. 30, 2011 /CNW/ - Crelogix Credit Group, in consultation with Service Alberta, will forgo collection on $211,000 of remaining debt for 59 Chateau World time share members and will refund a total of $119,000 on loan payments made by these customers after February 26, 2010.

Consumers affected by the agreement will be contacted directly by Crelogix. As a result of this agreement, Crelogix no longer has any accounts relating to Chateau World.

Chateau World provided some consumers with the ability to finance their membership costs. Crelogix later purchased some of these loans.

Chateau World ceased operating on February 26, 2010. Crelogix recognizes the actions of Chateau World and its principals left members with no access to the time shares they had bought.

Crelogix, in consultation with Service Alberta, agreed to stop collection activity on the loans with any outstanding balance after February 26, 2010 and directly refund to consumers all funds collected after that date. In addition, Crelogix will remove any negative credit reporting on accounts that were up to date as of February 26, 2010.

SOURCE Crelogix Credit Group Inc.

For further information:

Media inquiries only:
David Wills
Crelogix Media Relations
P: 416-342-1809

Crelogix Customer Service:
Alvin Chan
P: 1-800-667-6640 ext. 2358


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Crelogix Credit Group Inc.

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