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How to Avoid Debt Relief Scams


The law offers protections to consumers regarding dishonest and abusive lending and debt collection practices, but it still leaves plenty of room for lenders to make a lot of money off of consumers in difficult financial circumstances.  When you are rich, lenders line up around the block to give you freebies and lend you large amounts of money at low interest rates and with small installment payments.  When you have been living paycheck to paycheck for as long as you have been in the workforce, mortgage lenders and credit card companies want nothing to do with you, but payday lenders and auto title loans that are almost impossible to pay off see you as a cash cow.  You know you are broke when you get a lot of advertisements for loans that do not require a credit check and from various other shady businesses that promise to make collection agencies leave you alone.  Instead of responding to one of the companies that is too eager to make money off of your vulnerable financial situation, contact a Miami debt lawyer.

Signs of a Debt Relief Scam

There are several ways to get relief from your debt, but in general, parties that can help you discharge your debts or settle them for less than the face value amount that you own do not follow you around eagerly like vultures circling a roadkill.  Everyone has the right to file for bankruptcy protection, but the bankruptcy court does not email you multiple times per day.

Unsolicited communications from companies promising debt relief are a warning sign of a debt relief scam.  Another warning sign is if the debt relief service asks you to pay a substantial amount of money before it settles your debts, contacts credit reporting bureaus on your behalf, or provides any other service to improve your financial situation.

Trustworthy Ways to Settle Your Debt and Repair Your Credit

The false promises that debt relief scams make have a grain of truth.  Yes, some people’s credit reports contain errors, and you may be able to improve your credit score quickly by detecting those errors and asking the credit reporting bureaus to correct them.  You should not pay someone to do this, though.  Instead, invest the time to do it by yourself or contact a not-for-profit credit repair service.  It is also possible to settle some debts for less than the face value amount, but again, you should take the initiative.  Contact the creditor directly or ask a debt settlement lawyer to contact creditors on your behalf and negotiate with them about debt settlement.  You also have the option to discharge eligible debts by filing for chapter 7 or chapter 13 bankruptcy.

Work With a Debt Lawyer About Finding Debt Relief With Limited Resources

Don’t let debt relief scammers prey on your desperation.  A South Florida debt lawyer can help you settle, consolidate, or discharge your debts without falling for debt relief scams.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.



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