How to avoid debt relief scams, according to experts Want to use the services of a debt relief company but are hesitant about potential scams? Here's how experts suggest you get the help you deserve while also protecting yourself. Watch for upfront fees and pushy sales tactics The first thi...
However, it’s important to be aware of debt relief and credit scams so that you don’t fall into a scammer’s trap. What do legitimate debt relief and credit repair companies do?One way to protect yourself from scams is to understand how legitimate debt relief and credit companies work....
Those already seeking credit and debt relief are at a greater risk of falling victim to scams where fraudsters offer to negotiate lower debt payments or consolidate loans, the BBB said. That's because fraudulent schemes appear incredibly similar to legal debt and credit assistance companies. Nearly...
6. Promises of Access to a "New" or "Special" Government Program There are no special government programs for debt consolidation. Both the Federal Trade Commission and the Consumer Financial Protection Bureau warn that any company making this claim should be avoided.910 How to Avoid a Debt Co...
"Debt relief scams are low-hanging fruit for financial predators. Desperate consumers in financial distress are easy targets for high-pressure sales pitches that promise guaranteed results as long you pay a hefty upfront fee. If you, a friend or a family member are contacted by a debt relief...
Refer to a “new government program” that can bail you out of your credit card debt. Guarantee they can make your debt disappear. Promise they can stop debt collecting actions. Do not provide a clear price estimate for its services. Is it better to pay off a debt or settle? It is al...
Individuals can attempt to negotiate on their own or with the help of a reputable debt relief company. This is an area that's rife with scams, so they should make sure they know whom they're involving. Investopedia publishes a regularly updated list of the best debt relief companies. ...
It advertises itself as a new government program that can erase your debt. It also pays to be aware of your state laws. Ensure that any company or attorney you’re working with holds the appropriate licenses and follows state regulations. Student loan debt scams The most recent government cra...
What are the scams the debt relief companies indulge in? Before opting for the services of any debt relief company, make sure to get yourself acquainted with the possible scam activities that many of these companies often indulge in. A thorough knowledge about such scams would actually help you...
Manydebt relief and settlement programsrequire you to deposit a certain amount of money into a specified savings account every month.3Before you sign up for a program, be sure that you can afford to make those deposits for the entire length of the debt settlement program. ...