How To Avoid Debt Settlement Fraud

It's important to avoid debt settlement fraud when searching out a company to work on your behalf. Unscrupulous types are taking advantage of people at a low moment in their life and walking away with their hard earned money. It is most definitely an illegal activity, yet it persists even with the threat of prosecution. This means that there are plenty of traps that are set for the unknowing. It's imperative that the seeker of a debt settlement avoid fraud at all costs.

Identifying Potential Fraud

There are key factors that give away the companies that are out to scam you. Read the following and keep it in mind when researching a company to work for you on your behalf.

  • The old adage "if it's too good to be true, it probably is" applies here. If a company is promising you that they'll get your debt settled for literally pennies on the dollar, don't trust them. It's true that a credit card company will reduce your balance by a certain percentage, but they're not going to give it away either.
  • Keep an eye out for large up-front fees that run in the thousands of dollars. What this usually signifies is that this is a company that takes your money and runs. Sometimes they'll take your money, promise to work on your behalf with the credit card company, and then wait months to take action if at all.
  • Check with the Better Business Bureau. Companies that are on the up and up will usually put the BBB's logo on their website. And if you're uncertain, go directly to the BBB's website to find out if there have been any consumer complaints against a particular business.

Avoiding Fraud Altogether

The best way to avoid any potential fraud is to talk to an attorney. A lawyer that specializes in debt settlement will be knowledgeable in the methods that the con artists use to take your money without returning any service. Consider hiring one if you feel that you need assistance with getting your debts settled. Good legal counsel will act as an advocate on your behalf in order to obtain the best debt settlement agreement possible. You'll wind up with more money left over, a fresh start, and best of all, you'll have avoided fraud.

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