Beware of Debt Help Scams

It encourages you to take out a new loan without reviewing your financial situation. Any qualified lender will need to evaluate your ability to repay a loan before it offers you money. 

It requests substantial monthly service fees. If you’re already struggling with debt payments, you should not add to your expenses by paying someone to manage debt that you can repay yourself or in consultation with a free or low-cost credit counselor. 

It tells you to stop making payments or contacting your lenders. Often, lenders are willing to work out a repayment plan with you. If the company tells you not to contact lenders, it might be withhold- ing valuable information. If you stop making payments, you may damage your credit and lessen your lender’s willingness to negotiate. 

It asks you to sign blank forms or sign over your property’s ownership. NEVER sign blank paperwork. NEVER sign agreements that you don’t understand. Remember: If the company is unwilling to explain the paperwork or answer your questions, do not do business with them. 

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