Phone calls from debt collectors for debt settlement can be humiliating and daunting when you are forced to listen to their foul language and lies even at odd hours of the day. Consolidated Credit provides a guide to debt settlement services. These collectors speak in heavy accents making attempts to torture you with their fake identity, unknown locations, and threats of taking you to prison if you do not submit to their terms. The brutal fact is that these debts collectors are not the real ones, and instead use fouls means to coup money from people who are unfamiliar with the standard procedures of debt collection. These people are fraudsters and extortionists calling from other countries to coup money from people who were lured into applying for a payday loan program over the internet. For example, a fake company succeeded in looting $5 million just before the FTC got into the way.
Source: co.uk
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6 Effective Tips To Protect Yourself From Debt ?
Being in debt can be a headache. When the debts get unbearable, so can the headache. However, there are many options for you to consider in getting yourself out of your piling debts. My Uncle Davis opted to sign up with a debt settlement company that helps Americans work their way towards paying off their debts like Freedom Debt Relief. The search for the right debt settlement company caused Uncle Davis quite a headache as well. Nowadays there are many bogus companies out there that claim to be able to help people settle their debts within an unreasonably short period of time and reduce their debts to up to 70%. These promises of miracles attract desperate debtors like bees to honey. There are many ways to tell whether a debt settlement company is legitimate or fraudulent.Uncle Davis started by looking into the history and track record of the debt settlement companies that he shortlisted from various online debt settlement advertisements. Naturally a good debt settlement company should have a good track record. He read up on all relevant information regarding the companies online including reviews and ratings by former clients. He also called up each and every company to ensure that the companies were really functioning and not just some online scam. Uncle Davis even went as far as checking with The Association of Settlement Companies (TASC) to see that the companies have high performance record. This is because the TASC only accepts a member with high performance statistics and feedback. Unresolved complaints are rarely tolerated.Service fees are part and parcel of many debt settlement companies, even those who claim to be non-profit. Generally the fees depend on the type of service engaged by the client. When Uncle Davis called up the debt settlement companies that he had already shortlisted, he did not only inquire about their history and background but also on the fees that they might be charging their clients. He knew that the standard practice for many debt settlement companies is to charge their clients an enrollment fee of about a few hundred dollars and a settlement fee of about 5 to 20 percent of the debt amount. However, companies that insisted that their fees were to be paid upfront before any service was rendered were struck off by Uncle Davis. Legitimate companies in general do not require their clients to pay fees before anything is done.Uncle Davis was and is still not a fan of slogans and catchphrases. This definitely worked in his favor as companies with catchy slogans that promise many incredible things are often fraudulent. Uncle Davis was aware that the catchphrases were meant to attract new clients but he was also wise enough to understand that there would be no shortcuts to solving his debt issues. Therefore any company claiming to be able to settle his debt problems with a snap of their fingers was immediately crossed off from his list. Promises of debt reduction of up to 90% did sound tempting to Uncle Davis but he realized that the chances of that ever happening would be slim to none. These companies might also have been the same companies that insisted their clients to pay all their fees prior to delivering any service. Generally Uncle Davis had to do a lot of work to ensure that he signed up with the right debt settlement company. He did his research thoroughly and spared no detail. He even scoped out the address of every company on his list and visited their office to ensure their existence. Sometimes these companies may exist online but with bogus physical address. In the end, all Uncle Davis? hard work paid off as he is now officially debt free. Source: tipsfoundry.com Source: homeequitydebtconsolidationco.com Source: debtreliefmag.com Source: payingdebtco.com Source: debtsettlementusaco.com Source: debtsettlementusaco.com Source: debtsettlementusaco.com Source: debtsettlementusaco.com Source: debtsettlementinformationco.com Source: debtsettlementinformationco.com Source: debtsettlementinformationco.com Source: debtreliefmag.com Source: helpdebtreliefco.com Source: debtreliefmag.com Source: debtsettlementinformationco.com Source: debtsettlementinformationco.com Source: debtsettlementinformationco.com Source: debtsettlementusaco.com Source: debtsettlementusaco.com Source: debtreliefmag.com Source: debtsettlementusaco.com Source: debtreliefmag.com Source: debtsettlementusaco.com
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Phoenix Bankruptcy Attorney Blog
Not surprisingly, the complaint database ? available at consumerfinance.gov ? is drawing criticism from the financial sector, which is claiming that 1) the Dodd-Frank Act does not authorize such disclosures, 2) the complaints are not verified by the agency and 3) complaints by zip code are trade secrets not subject to disclosure.
Source: maricopacountybankruptcyattorney.com
Capital Debt Relief Complaints
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CFPB Reveals Credit Card Companies with Most Consumer Complaints
Finally, the CFPB?s complaint system isn?t only about credit cards, which is quite frankly refreshing to see. The organization also began fielding complaints about mortgages on December 21, 2011 and bank accounts, private student loans, and other consumer loans on March 1, 2012. Prior to these developments, there was some rightful cause for concern from the CFPB?s continued emphasis on the credit card industry, even after the CARD Act worked wonders in increasing transparency and eliminating many of the anti-consumer business practices that persisted prior to the Great Recession. Now it?s obvious that the CFPB is expanding its focus, and that coupled with the release of consumer complaint information across various segments of personal finance is undoubtedly a victory for consumers.
Source: cardhub.com
Understanding Debt Settlement
If you are thinking about getting help with a debt settlement, hiring a debt relief company or debt settlement law firm can make sense. Thanks to the rules set forth by the FTC, there are some more protections out there to help you avoid being taken advantage of. Before agreeing to any deal with a debt relief firm, make sure that you closely review the terms of the agreement and that they are in your favour. Otherwise, you might end up signing something that you regret later on. As long as you are comfortable with the level of service that they are providing, you can move forward and get the help you need.
Source: einvoicefactor.com
Related posts:
- Freedom Debt Relief Suggests 6 Ways To Avoid Holiday Debt
- Massive Loan Fraud and Debt Collection Scam Prompts FTC to Sue Payday Lender
- 1st Financial Center and IAPDA Certified Account Executives ? 1st Financial Center Scam
- 5 Ways To Spot a Debt Relief Scam
- 6 Effective Tips To Protect Yourself From Debt Consolidation Scams
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Source: http://debtreliefmag.com/7-effective-ways-to-stop-overseas-debt-collection-scam-calls/
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