Watch Out for Debt Relief Scams!
In the United States there are a variety of debt relief options available for individuals who find themselves with unmanageable debt. Some organizations offer debt relief solutions that are completely legitimate, however, it is important to be aware that there are also tons of unscrupulous people out there who peddle debt relief scams! In fact, just last month the Federal Trade Commission (with the help of Iowa’s Office of the Attorney General) halted a massive phony debt relief operation run by scammers in Florida who illegally recovered millions from consumers, reports the Palm Beach Post. Allegedly the operation functioned via a slew of companies, each aimed at convincing consumers with unmanageable debt to pay hundreds or even thousands of dollars per month by falsely promising to reduce or settle their debts in exchange. Over time, many victims of the scam discovered that they had not been afforded the debt relief promised and that instead their debts had fallen into default. Unfortunately, this type of debt relief scam is all too common. Protect yourself and your loved ones by keeping an eye out for signs commonly associated with debt relief scams.
Signs of a Debt Relief Scam
While debt relief scams come in a variety of shapes and sizes, the Federal Trade Commission warns consumers in search of debt relief that a debt relief offer is likely a scam if they:
- Ask you to make an upfront payment, or
- Guarantee that if you work with them your creditors will forgive your debts.
Additionally, National Debt Relief warns consumers of debt relief organizations that make promises that sound too good to be true. For example, if someone promises that they can help you get out of debt today or guarantees that they can help you live debt-free without changing your lifestyle then they may be trying to scam you. Feel free to question any promises that a debt relief agent makes. If something seems fishy ask for clarification, ask for a money back guarantee if they fail to deliver, ask for a specific date on which their promises will be fulfilled, etc. The point is this; ask until you are satisfied. A reputable debt relief company will treat you as a valued client and will certainly take the time to answer all of your questions.
How to Report a Debt Relief Scam
If you do fall victim to a debt relief scam, or are propositioned by an organization that you suspect is offering fraudulent debt relief services, be sure to file a report with the Federal Trade Commission. If you suspect that a debt relief scam in underway you can file a complaint online via the FTC Complaint Assistant, or by calling the Federal Trade Commission at (202) 326-2222.
Contact an Experienced Debt Relief Attorney Today
Do you live in Iowa and have unmanageable debt? If so, the Noyes Law Office P.C. would be happy to help you get your finances back on track. Begin the process by meeting with one of our experienced debt relief attorneys during a free no obligation consultation. It would be our pleasure to evaluate your financial situation and discuss the various debt relief options that are available to you. Contact our Fairfield office today by calling (641) 472-3236.