Debt relief options, such as negotiating directly with creditors, getting on a debt management plan or filing for bankruptcy can help eliminate your debt or make it easier to repay. What is debt relief? The term "debt relief" can mean many different things, but the main goal of any debt ...
If you do not recognize the debt, verify that it is real and belongs to you. You may still owe a debt and simply not recognize it. However, scammers may make up debts, claiming you owe money when you don’t. Legitimate collectors are obligated to provide detailed information about the ...
Unrealistic "Quick Fix" Promises: Any claim to erase debt instantly or without effort is likely a scam. High-Interest Payday Loans: These loans may offer immediate relief but can trap you in a cycle of mounting interest and fees. Skipping Payments as a Strategy: Missing payments to prioritize...
Debt Relief Scam Red FlagsDebt relief companies operating a scam always have common red flags. According to CFPB, you need to look out for the following:[5] Any debt relief company requiring an upfront fee is breaking the law Claims to settle all your debt or a specific debt percentage of...
In the warning letters the providers are put on notice that the task force has shared the findings of its investigations with theFederal Communications Commission, which will consider the appropriate next steps. The letters warned that if these providers continue to transmit robocalls and violate stat...
For example, avoid debt settlement offers that “guarantee” they'll be able to settle your debt, as it could be a scam. They may also advise you to stop paying your credit card bill — even the minimum amount due — which could lead to late fees, accumulated interest charges, and a...
Payday alternative loans (PALs) are small, short-term loans offered by some federal credit unions. Loan amounts typically range from $200 to $1,000. They’re generally more affordable than traditional payday loans and repayment terms range from one to six months. If you apply for a PAL, ...
Requests such as those should be a giant red flag. The Federal Trade Commission has warned against companies offering a new credit identity by selling CPNs, calling it a scam. Track your credit score in 2025 with the NerdWallet app When your score changes, our app tells you why — and su...
Startling, isn't it. According to that latest statistics, data available from the Federal Trade Commission (FTC), in 2022,Michiganders lost nearly $178 Million Dollars, with victims losing an average of $13,111. Maria Korneeva/Getty Images ...
Presumptive fraud occurs when a filer buys luxury items on credit or takes cash advances shortly before filing for bankruptcy. Criminal Bankruptcy Fraud A significant scheme to deprive multiple creditors would be more likely to rise to the level of criminal bankruptcy fraud. Under federal law, ...