A credit card, medical bill, financial loan, or a Student loan debt can feel overwhelming. When your debt situation seems insurmountable then a call, email, website, or advertisement offering to pay off your debts for just a few dollars might sound quite appealing. But proceed with caution: Some promises of debt relief are frauds that can trap you further.
There are trustworthy businesses and organizations that may assist you in settling your unsecured debt, but you need to be cautious of the company you choose to work with. Reputable companies in Orlando will help you create a financial savings and manage your money, negotiate with creditors, or set you up with a payment plan to save money each month to pay off your debts over a number of years.
One of the issues with the debt relief industry is that there are a lot of debt relief scams and the issue of debt relief scams is getting worse. Here are some tips that you can use to protect yourself and avoid debt relief scams.
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The best way to protect yourself against debt relief scams:
- Research any debt resolution company you are thinking about using. Find out if the company has been the subject of complaints, conduct an online search and contact the attorney general and consumer protection office in your state. Check websites like Trustpilot, Better Business Bureau, Google etc.
- Be aware of the disclosure specifications for debt settlement firms. They must, among other things, outline the dangers associated with discontinuing payments to creditors as well as any costs and terms associated with their services.
- So just be cautious of claims that student loan debt, credit card debt, or other liabilities would be reduced, forgiven, or canceled as a result of “new government programmes” or legal changes.
- Always take into account other debt-reduction strategies, such as directly negotiating with creditors or working with a nonprofit credit counseling organization.
- Avoid paying upfront fees for debt reduction or credit counseling services, especially if they are presented as “voluntary” donations.
- Don’t trust assurances. No company can promise to prevent collection calls or lawsuits, or to lower your debt by a specific amount.
- Refrain from allowing a business to enroll you in a debt reduction program without first discussing your financial condition with you.
- Do not believe that a provider may remove unfavorable information from your credit report. If information about late payments, defaults, and other issues is accurate, it must legally remain on your credit report for at least seven years.
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Caution Signs:
- Before settling any debts, a debt relief company requests payment in advance. Do NOT pay for services in advance of seeing results.
- The company promises to pay off your debt entirely or lower it by a specific sum in a specific amount of time.
- The business suggests you stop communicating with creditors.
- Unless you submit financial information like credit card account numbers and balances, the business won’t send you information about its services.
- Avoid any phone calls from companies or individuals claiming to be credit card companies or the credit bureaus. Credit Bureaus do NOT call you. Credit card companies will NOT call you and offer to reduce your debt or lower your interest rate.
- Be cautious of any debt resolution company that tries to charge your credit card for their service fee. How will someone get you out of debt by putting you into more debt?
Need support instantly?
We can assist you with debt relief if you need it. One of the biggest and most reputable debt resolution companies in the country is Landmark Legal. Calling for advice is easy 855-250-(SAVE) 7283. Can’t call at this time? Email us your questions at [email protected] and one of our representatives will get back to you within the next 48 hours.