Debt Consolidation and Settlement Companies in Trouble
There are many debt consolidation and settlement companies out there
that are truly there to help people get out of the financial situation
that they are in. However, they are in the minority. For every one
decent company that is out there, there are ten that are simply looking
to take your money and you will end up worse than ever. There are many
people going with the debt consolidation or settlement route, and they
find that they are now among many patrons who have lost their money and
their identities and still have a ton of bills to pay.
Well, there are many people who have started complaining, loudly, about
the debt consolidation and settlement industry. They say that they are
vultures preying on those that don’t know any better. Well, they are not
alone now in their crime – Attorney General Andrew Cuomo is now rather
interested in their activities as well.
For those consolidation and settlement companies that are committing
fraud and operating outside of the legal system, they are now finding
themselves in a lot of trouble. The government is on to them and the
miscellaneous fees that they are charging for something that is very
simple to do on your own. You can pretty much handle a debt
consolidation by adding up your bills and getting a loan for the amount
that you need. Debt settlement is a little trickier and they don’t
usually want to help you unless you are seriously behind in your
payments – but they will eventually help you.
People will still use consolidation and settlement companies, but they
are getting safer and safer to use as the government is watching over
them now. The days of simply doing what you wanted are just about over
for them, but there is still a long way to go until they are all taken
care of.
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