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Debt Consolidation Companies: Common Pitfalls to Avoid
Author: Jordan Dunham
It's difficult not to notice the incredible growth that there
has been in companies offering debt consolidation programs and
solutions over the past few years. At first, debt consolidation
companies were some of the biggest advertisers on the internet
and there are now more loan consolidation TV commercials than
we've ever seen before. However, a great number of these debt
consolidation companies are now being sued by numerous attorney
generals, the IRS, and the FTC over their supposed 'non-profit'
status.
One of the worst debt consolidation companies has actually had a
federal lawsuit filed against it and the FTC and five individual
states have filed separate lawsuits against the company. This
company declared Chapter 11 bankruptcy but the reality is that
they have not gone out of business themselves, they have simply
changed into so many other companies that they are most likely
around in some form.
Interestingly, many companies do not call themselves 'debt
consolidation companies' anymore because of the bad press that
all of the legal action against this first company generated.
You may hear of 'debt negotiation' companies or 'debt
settlement' companies who are basically 'debt consolidation
companies' who are using illegal tactics and should be avoided.
You can check out any debt consolidation companies, or any other
company for that matter, with your local consumer protection
agency and the Better Business Bureau in the company's location.
Be aware that debt consolidation companies with a good rating
may mean absolutely nothing. In fact, over 75% of the complaints
received by the Better Business Bureau do not count against the
company's rating if the complaint is considered resolved. The
Better Business Bureau has no authority to investigate
complaints against debt consolidation companies, nor resolve
them.
One particular word of advice is to avoid any debt consolidation
companies who have a registered address in Maryland or Florida.
This is because these two states do not regulate debt
consolidation companies. There are so many debt consolidation
companies available that if you really feel that this is the
best course of action for you then avoiding those in Maryland or
Florida should be simple and will save you the worry of dealing
with a disreputable organisation.
You can find a number of websites that offer a customer review
section for debt consolidation companies. This is worth checking
out to see if customers of any of the debt consolidation
companies that you are considering signing up with have had
problems dealing with them in the past.
About the author:
Jordan Dunham is an expert on student
loans, visit http://www.students-loan-consolidation.org/
today for details.
Article Keywords:
Debt Consolidation |
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Debt Consolidation...
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Bad Credit Debt Consolidation by www.alifeoutofdebt.com |
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Are you afraid of bad credit? Then this article is perhaps for
all of you who feel bad credit is an issue. Let this be your
first step towards Consumer Credit counseling.
No doubt there are numerous bad credit personal loans but
hunting for a secured loan for bad credit is highly opportune.
Having a perfect credit card debt is an idealized conception.
More than one million borrowers last year failed to meet credit
standards last year. You must have read about perfect credit but
it is exceedingly improbable that you might have found someone
with perfect credit.
Bad credit personal loans are optimized for the benefit of the
loan borrower. Bad credit loans are categorized into secured bad
credit loans and unsecured bad credit Personal loans.
A loan borrower becomes the contender for bad credit personal
secured loan only when he is equipped to place a guarantee for
the loan amount. You don?t have to be an expert to understand
bad credit personal secured loans.... |
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Debt Consolidation, Credit Counseling News |
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