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Know the real from the fake in consumer debt counseling
from:Believe it or not, there are many consumer debt counseling business who want to take part in your hard earned money.
These companies know that you have big debts to pay and so they take advantage of your desperate anxiousness and promise you that they have the solution to throw all your debts to the wind.
How do these debt counseling companies work? What could you possibly do to avoid being scammed by their promises?
The real ones
Legitimate and valid consumer debt counseling services are able to do the following: make late credit accounts current with no back payments necessary. Also, late fees and those that are already over the limit could be stopped. Real debt counseling services are able to consolidate high loan interests as well as balance accounts. They also find a method for its clients to still be able to keep their credit cards for essential expenses such as travel, business or any type of emergencies.
The fake ones
Beware and be wary of debt counseling services who claim themselves to be a non-profit group when in actually, they are far from being one.
One example is AmeriDebt. The Federal Trade Commission has fortunately shut this company down due to numerous and various complaints from its customers. The way AmeriDebt scammed debtors was by telling them they could easily get out of their debts. This could be done, according to them, even with no upfront payment fees.
However, they were able to deceive their customers into forking up contributions, voluntarily.
These payments, made every month by their clients, were transferred to companies-for-profit, instead of sending the money out to the creditors.
As a result, the clients suffered by worse credit ratings and annoying bill collectors. Currently, all accounts at AmeriDebt have now been transferred to a reputable agency via a bankruptcy third party trustee.
Payments will be lowered
Any claim made by debt counseling services that payments will be lowered are illegitimate. The fact of the matter is, payments can't be lowered. The only aspect in debts that could be lowered are interest rates.
You’ll call them, not the other way around
Any offer of services that involve the settlement of debts are bogus. You need not be offered something you can very well do so yourself. All you have to do is pick the phone up and call any of your creditors. They are more than willing to negotiate with your demands.
All in all, don't be easily swayed. It pays to know more than be duped for money that rightfully should be yours.
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