Imagine this situation: You are drowning and you are screaming out for help. Right when you think you can’t hold on any longer, a lifeguard arrives and promises to help you. How would you feel? Wouldn’t you feel relieved and grateful that this person is here to help? Or would you start second guessing this person’s intentions? Of course not! You are in a life or death situation, so that wouldn’t even cross your mind. This is what “swimming” in debt can feel like. Millions of families and students with loan debt have compared their situation to “drowning” and feeling like there is no way out. So when they see an ad on social media or on any website that promises debt settlement fast… Many take it, without second-guessing that it can be a scam. But, how can we spot the differences between a true debt relief company and a bogus debt relief company?
There are companies and organizations with great reputations that can actually help you get out of debt. They can advise you on budgeting and money management, negotiate concessions with creditors or set you up with a plan to put away money each month to pay down your debts, usually over a period of years. But, there are also companies and organizations that have a different goal in mind: dig you even deeper than you already are.
These companies offer sham “guarantees” to get you out of debt quickly and cleanly. Student loan debt, which has risen to an enormous amount of $1.6 trillion and is a growing burden for older Americans, is an especially ripe market for fraudulent debt relief companies who collect advance and ongoing fees with bogus promises to enroll customers in government debt-forgiveness programs. This is not only illegal but a big red flag that this debt-free savior is not there to help you but only to help themselves. Knowing all this information on how dangerous fraud debt relief companies can be, what can we do to avoid them or how can we spot these red flags? Look at these 3 useful tips that will help you stay away from those bogus companies.
- Robocalls
If your first introduction to a debt settlement offer is an illegal robocall, a recorded message claiming a company can wipe out most or all of your debt, that’s not a company you want to call back.
- Upfront fees
Charging upfront fees or an upfront lump sum to settle a debt is illegal. When a company says it will start negotiating with your creditors or providing other services only after you pay a fee (or fees), that company is probably bad news.
- Sketchy Contact Information
Just because someone has a website doesn’t mean they are legit. Try to find their phone number or email address. Do they have positive reviews (or any at all) on pages like Google or Yelp? If there is contact information, you must still be cautious.
How to Spot a Bogus Debt Relief Company Review
At Mediator Law Group, we know how stressful debts can be and how much they can affect your health and your happiness. This is why we advise against phony and bogus debt companies. We know that you need help and someone you can trust with your debt issues. We are that company you need. To find out more, contact us and someone from our team will get back to you soon.
