Vance P. Truman, Attorney at Law
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Debt consolidation scams make bad financial situations worse

Having a huge pile of debt hanging over your head is stressful and frustrating. Your anxiety may be heightened by the fact that collection letters keep coming, and debt collectors keep calling. At this point, some of your debts have been discharged by their original holders and sold, so you're not even sure who all is calling you.

When a company suddenly offers you a chance to consolidate your debt and get control of your finances again, the relief may feel incredible.

Just be cautious. While there are some genuine offers out there, many offers are outright scams. Here are the warning signs that a company is trying to scam you:

  1. The company's representative is aggressive about the deal. That's a sign that they have a personal state (like a commission) in your deal.
  2. You're told to cut communication with any creditors. Ending lines of communication doesn't help you in any way when you're trying to pay off debts.
  3. You're told that the company will fund you once you make a "good-faith" payment. Never pay money upfront.
  4. The company contacts you out of the blue -- instead of waiting until you contact them. Advertising is one thing -- but predatory companies and scam artists often target people who have delinquencies on their credit because they hope to ensnare the desperate.
  5. You aren't sure about the legitimacy of the company. If the company's address and criteria for a loan approval aren't easy to determine, you should be very suspicious.

If your debts have become overwhelming, there is a better way to handle things. Chapter 7 bankruptcy may provide the fresh start that you need. Please continue to review our pages to learn more.

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