Debt,Settlement,Fraud,Empty,Pr finance, share, loan Debt Settlement Fraud - Empty Promises
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
When you're under the stress of a mountain of debt, the fantasy of quick relief can suck you right in. "We'll cut your debt in half-fast!" "We'll stop harassing calls from your creditors." To desperate ears, these promises may sound incredibly alluring. If you're tempted to contact a debt settlement consultant, remember this: Don't. They can make all kinds of promises to get your business, but they can't necessarily deliver. They want you to believe they have all the solutions and will free you from the burden of your debt. Promising the world 1. They'll save you 60-70%. Be wary-if it sounds too good to be true, it probably is. The start up charge and the monthly fees are probably not figured into the equation and they will probably gloss over the fact that it will cost you more the longer it takes to get through the program. Ask for specific numbers, based on the amount of your debt and what you can pay each month. Most likely, they'll be pretty vague about the answers. 2. They guarantee certain creditors will settle. Sounds simple, doesn't it? What they fail to reveal is that you need to be behind in order for a creditor to be willing to accept less. If your accounts are up to date and your credit history is acceptable, it will be a mess once you get halfway through the program. Plus, if you haven't been receiving annoying phone calls, you will. 3. They'll promise to stop collection calls. If you've been receiving annoying and relentless collection calls, you know how stressful it can be. They probably won't tell you that only a lawyer can prevent third-party collection calls. By law, if a client has attorney representation, the third-party must deal with the attorney. It's important to know that most debt settlement companies are non-lawyer based. Collectors and creditors aren't obligated to deal with non-attorney based debt settlement companies. Typically, the collectors will continue to try to collect the debt, and they may try to sue you. 4. They'll promise to negotiate with your creditors. Legally, they can negotiate with creditors if you sign power of attorney forms. Typically, they'll advise you not to have any further contact with your creditors and that means no longer making monthly payments. The Federal Trade Commission has charged that some debt settlement companies have totally failed to contact creditors or debt collectors. Meanwhile, late fees and other charges keep accumulating on your accounts. The National Consumer Law Center conducted an investigation of debt settlement companies and published a report in 2005. They concluded that debt settlement doesn't benefit consumers when its business model requires clients to stop paying creditors, save money in reserved accounts, and pay large fees. Be smart. Unscrupulous companies may rely on misleading potential clients with promises they have little or no intention of fulfilling. Don't fall victim to this financial scam that may leave you with more debt than when you started. Article Tags: Debt Settlement Companies, Debt Settlement, Collection Calls, Settlement Companies
Debt,Settlement,Fraud,Empty,Pr