Debt Elimination Scams
Learn How To Protect Yourself By Using These Tips As A Guide!

Unfortunately, debt elimination scams are very prolific. Paying bills like mortgage and credit card debt are no fun and anytime that there is a task that people hate to do, you can bet that some enterprising con artist is going to find a way to cash in on that - usually in a manner that is very illegal.

These scammers prey on people who willing shell out sometimes as much as $2,500 or even more. However, the snake oil that they are selling is nothing but trickery and will often leave the victims with empty pockets, more debt, collections calls, late payments, higher interest and sometimes interviews with the local authorities and even the FBI.

Debt elimination scams are very prevalent, particularly on the internet. There are a few things that you can do to protect yourself and avoid being scammed.

When you see something that seems too good to be true (and it probably is) you don't want to run headlong into the "opportunity or one of the debt elimination scams online" Take your time to check things out before you take the plunge.

Ask about Compensation

You want to know how your counselor is paid. An hourly wage or salary are good, but a counselor who is paid by commission or who earns incentives should make you leery.

Not all, but some counselors who receive commission or incentives may try to steer you toward solutions that are more expensive instead of solutions that are best for your situation.

Ask if Creditors will Work with the Company

Will your creditors work with the debt elimination company that you choose?

That is the million dollar question. While your counselor can promise that your creditors will be on board and that they can lower your fees and lower rates, it is just talk until you have proof. Don't chance it; check with your creditors yourself.

Ask for Everything in Writing

Make sure that before you walk out of that first meeting that you have every one of the counselor's promises and terms in writing.

This protects you because what they tell you is not binding, what is written and signed by them is legally binding. If they won't give you everything in writing, beware, it could be one of the many debt elimination scams, being run online.

Ask for Monthly Reports

Your counselor should not have a problem with providing you with regular updates so don't hesitate to request it. Get reports monthly on what is being paid, but don't take their word for it, periodically check with your creditors yourself. If they balk at this, you should look elsewhere for a counselor.

Ask Your Local Chamber of Commerce or BBB

Check with these two agencies to make sure that the debt elimination company you have selected does not have any complaints against them.

There is a lot of fraud in this business so you would be wise to check and make sure that you did not connect with a fraudulent company.

Protect yourself from debt elimination scams by using these tips as a guide. They can mean the difference between a company that is on the up and up and one that is a fraud.

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