Debt Help Services

Posts Tagged ‘Scams’

Question: Does anyone know if Freedom Financial is a scam?

I enrolled to their debt settlement program for about 4 months now they have settle one debt already that I confirm. The question came up because I got a call from one of the banks I owed money to and they told me they were a scam. Scare tactics to get me to pay or is it for real?
Anyone

Answer: No….they are not a scam…

No debt settlement firm has the ability to force your creditors to accept a settlement. Your creditors have the right to reject any settlement offer this or any other firm you hire might make. It is their right to continue collection activity…even if this involves taking you to court.

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Debt Settlement Scams

Resolve to put finances into focus

It is time again to make New Year’s financial resolutions. The good news of the last year was that the global economic system did not crumble altogether, and a hundred new Bernie Madoffs did not surface. The bad news was high unemployment, an uncertain economy, home foreclosures and apprehensiveness about all things financial.

A Must know before you purchase a CPN!! Watch out now!!

Question: Reducing credit card debt?

I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

Answer: If you own a home, a secured debt consolidation loan may be right for you. This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. However, be careful before you borrow money against your home to pay off credit cards and unsecured loans; you are converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt. However, secured debt consolidation loans work for many people, so this is an option to consider carefully?the Bills.com Savings Center is a great resource to help you find a lender for this type of loan.

Also, a good resource is...

http://www.safelinked.info/jump.php?link=debt

Best of luck to you.

Debt Settlement and Mortgage Modification Scams on the Rise, Warns Chicago Bankruptcy Lawyer Richard Fonfrias

Experienced Chicago bankruptcy lawyer Richard Fontrias of the Fonfrias Law Group, LLC, warns that the number of debt settlement scams and mortgage modifications scams reported in the state of Illinois is on the increase and that consumers need to better understand their rights under the law in order to take control of their financial future.

Consumer Credit Card Consolidation Fraud

BBB Lists Top 10 Scams of 2009

Buffalo, NY – The Better Business Bureau today released a list of the top 10 scams and rip-offs of 2009. Not surprisingly, many scams sought to take advantage of people who were suffering under tough economic circumstances—such as the unemployed.

Credit Card Scam

Question: How do credit card debt councilors work with credit card issuers?

I’ve seen on t.v. how credit card debt councilors work with banks when people owe a lot of money on their credit cards. They say they can not only reduce the amount owed but also get your monthly payments down to where they are manageable. How do they do this, are there any consequences such as a reduction of credit score, and is it effective (do they really do this or is it a scam)? Also, how much do they charge? Thanks.

Answer: Unfortunately the ones who advertise on television are usually in it just for the money. Beware of any organization that requires an up-front fee.

If you belong to a credit union or there's one that serves your office, they will be able to put you in touch with a reliable organization.

Here's a booklet that will help you:

http://www.consumerlaw.org/initiatives/credit_counseling/content/Cconsumerfactscreditcounselin.pdf

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To Good to be True? Debt Settlement Scams