Welcome, visitor! [ Login

Post an Ad

DAMAGE CONTROL

Debt-Credit Consolidation January 26, 2024

DAMAGE CONTROL

Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. Be cautious. Before you do business with any company, check it out with your local consumer protection agency or the Better Business Bureau in the company’s location.

 

Some businesses that offer debt counseling and reorganization plans may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing either to explain certain costs or to mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a Chapter 13 bankruptcy, tell you everything that’s involved, or help you through what can be a complex and lengthy legal process.

 

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on advance-fee loan guarantees. They may be illegal. Many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that it is likely. Under the federal Telemarketing Sales Rule, a seller or telemarketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or receive payment until you’ve received the loan.

You should also avoid credit repair clinics. Companies coast to coast appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. They don’t deliver. What’s more, they can’t deliver: They can’t do anything for you that you can’t do for yourself. After you pay them hundreds — or even thousands — of dollars in up-front fees, they can do nothing to improve your credit report. Indeed, many simply vanish with your money. Only time and a conscientious effort to repay your debts will improve your credit report.

 

If you’re thinking about getting help to stabilize your financial situation, be cautious.

 

u  Find out what services the business provides and what it costs.

u  Check out any company with your local consumer protection office and the Better Business Bureau in the company’s location. They may be able to tell you whether other consumers have registered complaints about the business.

 

No Tags

1216 total views, 1 today

  

  • WHAT TYPE OF DEBT COLLECTION PRACTICES ARE PROHIBITED?

    by on June 6, 2024 - 0 Comments

    WHAT TYPE OF DEBT COLLECTION PRACTICES ARE PROHIBITED?   Harassment Debt collectors may not harass, oppress, or abuse any person.  They may not:   *  use threats of violence or harm to the person, his/her property, or reputation;   * publish a list of consumers who refuse to pay their debts (except to  a credit […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on June 2, 2024 - 0 Comments

    FAIR DEBT COLLECTION PRACTICES ACT   The federal law, the Fair Debt Collection Practices Act (“FDCPA”), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the […]

  • Debt Collectors -Recovery Services - FL & AL

    by on June 26, 2024 - 0 Comments

    Entity Address Telephone CenterOne Debt Management Services LLC 6150 Omni Park Drive, Mobile, AL, 36609 (251) 639-7500 Medical Data Systems, Inc.  Medical Revenue Service 645 Walnut Street, Suite 5, Gadsden, AL, 35901 (256) 546-7099 Firstsource Financial Solutions, LLC 7715 NW 48th Street, Miami, FL, 33166 (305) 513-5500 Bayview Loan Servicing, LLC 4425 Ponce De Leon […]

  • Personal Financial Management Course (Debtor Education) Providers :Alabama Southern

    by on July 2, 2024 - 0 Comments

    List of  Personal Financial Management Course (Debtor Education) Providers #02 Certificate Class 713 Preston Place Grapevine, Texas 76051 Toll Free:  (888) 533-3423 Phone:     (817) 533-3423 Fax:          (817) 533-3423 Web: www.jjandpartners.com Allen Credit and Debt Counseling Agency 195 Brook Street E Wessington, SD 57381 Toll free:   (888) 415-8173 Phone:     (605) 458-2500 Fax:         (605) 458-2506 Web: www.acdcas.com Alliance Credit Counseling, Inc. […]

  • Debt Collectors -Recovery Services

    by on June 13, 2024 - 0 Comments

    Entity Address Telephone A.C.B. American, Inc. 4351 Winston Avenue, Covington, KY, 41015 (859) 261-8745 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Affiliated Group, Inc., The  Affiliated Credit Services 3055 41st Street NW, Suite 100, Rochester, MN, […]