Debt Free Rights Scam
Which debt consolidation companies aren’t scams and are actually helpful?
I’m not in terrible debt but im 20 years old and can’t budget and can barely pay my car note… i need to get out of minor debt and get on the right track but i’ve been hearing that those debt-free ads are just scams… can someone please give me a couple good debt helping companies who won’t pocket all my money and make my credit worse??
cr3at ‘s answr above is close, but a legit. debt settle co. is hard to find and cannot protect you from litigation. If they take fees off the back end after they settle your debt, I believe there are a few that the National Foundation For Credit Conseling may reccomend, but most don’t have legal depts etc, and if they ask for any upfront fees unless very minimal should set off a red flag. Always start w/the www.nfcc.org it is my understanding that they support very, very few debt settlement companies.
Buyers of debt (collection agencies) usually don’t even recognize their power of attorney. Smart collection agencies will let money build up in an account, make believe they are going along w/the program then sue, and lien the debt settlement savings account. They are very controversial, but it is my understanding that nfcc.org may reccomend some under limited circumstances. If it is high balances and they give long payoff times forget it. It is an unregulated business, w/something like a 80-90% dropout rate. They know the average person will not understand the program and violate terms of program. Many go out of business. Several have recently been fined and and banned from doing business in the states they were doing business in, and some states ban them entirely.
Anything they do for you, also, you could do yourself, and don’t have to pay anyone for, like I said they are a controversial business. Creditors like credit counseling, it is kind of a win-win situation, and insures you don’t get sued, once a creditor agrees to a payment arrangement, but once a debt is factored , sold a owner of the debt doesn’t have to go along w/the credit counseling service proposal.
Get educated, before jumping in any program.
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