Tip of Week – January 4, 2018 - Beware of Debt Relief Scams

/
4254714057_67cc69f0d7_o.jpg

New year resolutions often include buckling down on the debt in our financial lives.  Unfortunately, scam artists are aware of this and will often target individuals who are desperate to find a way out of their mounting pile of bills.

If you receive an unsolicited call from someone offering to help you pay your bills and reduce your debt, hang up. Too many unscrupulous individuals out there will ask for your money in order to organize your bills and pay them off.  Work with your creditors, not some unknown solicitor.

Debt relief scammers will often tell you they will pay, settle, or get rid of your debt for a fee.  Victims find their debts are not paid and their accounts are in default, and credit scores damaged.

Remember:

  • A legitimate debt relief company won’t make you pay up front.
  • No one can guarantee that your creditors will forgive your debts. 
  • Work directly with your creditors to negotiate a modified payment plan.
  • Don’t give out your account information.