Don’t Get Scammed!
Thursday Oct 26th, 2017Share
Just because a debt negotiation company calls itself a “nonprofit” is no guarantee that it’s a legitimate organization. If you’re in debt and seeking the help of a debt negotiation company, the Federal Trade Commission says that you should watch out for the following scams – debt negotiation companies that:
· Guarantee they can remove your unsecured debt.
· Promise that unsecured debt can be paid off with pennies on the dollar.
· Claim that using their system will allow you to avoid bankruptcy.
· Require substantial monthly service fees.
· Demand payment of a percentage of savings.
· Tell you to stop making payments to or communicating with your creditors.
· Require you to make monthly payments to them, rather than to your creditors.
· Claim that creditors never sue consumers for nonpayment or unsecured debt.
· Promise that using their system will have no negative impact on your credit report.
· Claim that they can remove accurate negative information from your credit report.