Posted on
September 9, 2009
at
10:37 pm
A lot of people are wondering why there are Federal Debt Settlement or those christian debt settlement companies in existence- they're obviously not helping people get rid of their debts, but they instead take. What's the government doing about it? Is debt settlement a scam? Or just some companies?
Posted on
September 9, 2009
at
10:42 pm
Is debt settlement a scam?The concept? No. I think that it actually works for the creditors, collection agencies, the consumer, and the government (IRS).Are there scam debt settlement companies?Yes.
Posted on
September 9, 2009
at
10:48 pm
To answer the question, is debt settlement a scam and what is the government doing about it--I agree that there exists opportunistic groups that ride on the fact that the debt settlement industry is relatively new. Being young it is of course prone to errors and mismanagement. Also, the industry is not yet regulated- so critics of the industry are having a field day bringing it down via negative consumer reports.
Posted on
September 10, 2009
at
1:03 am
A question related to Is debt settlement scam is how can one spot a debt settlement scam-
Posted on
September 10, 2009
at
2:03 am
Is debt settlement a scam? No I do not think so. What I do observe is that the debt settlement industry has had its share of doubts from the financial world and that they are mostly advertised as individuals who are out for money. There are companies that are after your best interests as a consumer. You just have to be extra careful and on the lookout for them. One way to find out their performance in regard to the industry at arge is by checking how they fare at the BBB website. http://www.bbb.org
Posted on
September 10, 2009
at
2:11 am
Debt settlement is not a scam but there are scam companies (be especially wary of those that you see on TV and those that send you ads in the mail)- if they are not a member or affiliated with the following, it's best that you look for another company:As already mentioned, Better Business Bureau (BBB www.bbb.org), TASC www.tascsite.orgUSOBA www.usoba.orgIAPDA www.iapda.orgDebt Settlement BBB ratings
Posted on
September 10, 2009
at
2:29 am
Membership with the BBB (and its ratings) can mean that the debt settlement company is not a scam, but what is the basis for the BBB's rating?
Posted on
September 10, 2009
at
2:36 am
BBB ratings on a debt settlement company are based on the following:-accreditation with the BBB-how long the industry has been in operation-how long the debt settlement company's been in operation-if the government has taken an action against the company-number of complaints filed against the company, and whether it was resolved or not-if there's any advertising issues against the company-if the company has supplied the BBB with a clear and sufficient profile of their operation
Posted on
September 10, 2009
at
2:59 am
Having a good record from the BBB though does not guarantee that the debt settlement program or the company is going to solve the consumer's debt problems. The consumer should really list several companies and interview them one by one - see which one can serve them better.Destroydebt.com can also match you up with the right debt settlement company, just fill out a form here.
