Be Cautious About Debt Settlement Companies
Hiring a debt settlement company can be risky to your financial future. Some are reputable and legitimate, however, unfortunately this industry is rife with companies that are unscrupulous and dishonest. It is difficult, if not impossible to tell the difference; that is, until it's too late.
Many debt settlement companies routinely use false advertising, make misrepresentations to their clients and potential clients, exaggerate what they can do, and charge outrageous fees and costs. Some have been known to take clients' money, perform no services, then file for bankruptcy or simply disappear. Most debt settlement companies are unregulated and unlicensed.
Just because a company is prominently displayed with multiple listings on the Internet, are members on the BBB, display various types of credentials, is no assurance that it is honest and legitimate.
Although the BBB at times can help identify companies with too many complaints, the BBB has no legal authority over another business - so they can't do too much to help a consumer that was blatantly taken advantage of. Many consumers do not realize this, but getting a BBB membership is nothing more than a company writing out a check to them.
You have to be very careful when choosing a debt settlement service provider because bad companies are masters of deception.
In an effort to protect their consumers, many states have banned non-attorney debt settlement companies from doing business in their state, and only allow licensed attorneys to work with their consumers. And in those states where those companies are permitted to operate, many states' Attorneys General and other state consumer protection agencies are inundated with complaints from those who have fallen victim to these dishonest companies.
Put simply, your financial future is too important to hand over to just anybody. So when dealing with debt settlement companies, the Latin phrase caveat emptor (buyer beware) certainly applies. So if you're in need of debt settlement services, or want more information on the subject, contact a licensed attorney that specializes in debt negotiations for assistance.
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