Don’t Let Debt Scammers Sucker You
When people are in debt they get desperate, but that’s the time to keep a cool head. Debt scams abound for those with financial issues from fake foreclosure help to consumer debt advocacy organizations that take your money and run. Sometimes the scam is an out-and-out fraud. Other times, the level of service is so poor, you would have done better to go elsewhere. Whatever the reason, if you’re trying to resolve a debt issue, it’s important to realize that you might be a prime target for people who don’t have your best wishes in mind.
Look For Credentials
If the organization is legitimate, it should have some credentials. For instance, Consumer Credit Counseling (CCC) is a non-profit that helps people with debt repayment, bankruptcy, and budgeting issues. They not only is approved by the federal government Department of Justice, but the counselors must adhere to certain professional guidelines, as stated by the Association of Independent Consumer Credit Counseling Agencies (AICCCA) standards. Most of their counseling is free or low-cost. They can help you locate legitimate debt relief resources in your area.
Be Careful What You Sign and Pay
Consultations are free, and other types of settlement plans may have some low cost associated with them. Foreclosure scams are known to bilk people out of life savings by offering to save a home in exchange for a quit deed document. This document is then used to sell the home, instead of helping to refinance it. If a deal sounds too good to be true, it probably is. Instead, keep a lawyer handy and review your options with them before signing anything over to anyone.
Get Things In Writing
Get offers from your creditors in writing. Make sure you understand the terms of agreement and stick to them. If they change the terms mid-stream, you have documentation to prove that the terms have been violated and to get your rights in a court of law. Without documentation, it’s going to be a case of “he said/she said” and if you’re the debtor, it’s not your word the judge will take in as evidence.
This entry was posted on Thursday, September 3rd, 2009 at 9:34 am and is filed under Debt Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
