Fake Debt Consolidation Scams To Be On The Lookout For: Part One

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If you are being inundated with phone calls from debt collectors demanding money, and advertisements that blare “get out of debt now,” debt settlement and debt consolidation firms might be looking pretty good right now. With debt settlement and consolidation centers, you bring together your debts and pay a portion of the total. However, many of these firms might be just too good to be true.

Any debt consolidation place that seeks to settle your debt for “cents on the dollar” should be considered dubious. After all, it is difficult to make and keep a promise like that without being knowledgeable about the details of how long you have owed the money, how much money you owe, and to which creditors. These debt consolidation companies aren’t aware of your past payment history. They don’t know what creditor you owe. Also, each person has different finances that can be used to satisfy their own debts. You can never make such an assumptive statement.

Debt settlement centers that promise that you will be debt free in three months should also be taken with a grain of salt. Again, the business is unaware of how much you owe, or who you owe it to. Additionally, some obligations, such as student loans, child support and back taxes cannot be covered in a debt settlement plan.

Businesses that say that you can’t get their assistance without paying an upfront fee or deposit might be less than reputable. While some debt consolidation companies might accept an upfront fee of as little as fifty dollars, typically, the debtor pays the debt settlement company a piece of the debt owed, often fifteen percent, for negotiating the debt.

Generally, the firm will discuss a payment between you and the businesses and people you know and will amass enough money to make that payment. The debt settlement company will hold on to the money until you reach the settlement amount.

Rapid Recovery Solution could help you today! For information on any type of debt including commercial debt collection, get in touch with RRS now!. This article, Fake Debt Consolidation Scams To Be On The Lookout For: Part One is released under a creative commons attribution license.

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Topics: Personal Finance | Comments Off

Tags: accounts receivable, bad debt, business debt, collecting bad debt, collection agency, commercial debt collection, debt, debt collectors, Debt Consolidation, international debt collection, law, Personal Finance, scams, skip trace

Article Citation
MLA Style Citation:
Alexis, Takara "Fake Debt Consolidation Scams To Be On The Lookout For: Part One." Fake Debt Consolidation Scams To Be On The Lookout For: Part One. 5 Feb. 2012. uberarticles.com. 14 Apr 2012 <http://uberarticles.com/finance/personal-finance/fake-debt-consolidation-scams-to-be-on-the-lookout-for-part-one-2/>.

APA Style Citation:
Alexis, T (2012, February 5). Fake Debt Consolidation Scams To Be On The Lookout For: Part One. Retrieved April 14, 2012, from http://uberarticles.com/finance/personal-finance/fake-debt-consolidation-scams-to-be-on-the-lookout-for-part-one-2/

Chicago Style Citation:
Alexis, Takara "Fake Debt Consolidation Scams To Be On The Lookout For: Part One" uberarticles.com. http://uberarticles.com/finance/personal-finance/fake-debt-consolidation-scams-to-be-on-the-lookout-for-part-one-2/

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