How Debt Solutions Work:

Debt Elimination Scams

There are a lot of programs that make ridiculous claims and offers that sound too good to be true. If after you look into something, it still sounds too good to be true, remember; it probably is.

Watch Out For...

• 1. Credit Card Debt Elimination Schemes
  These are the programs that claim that all debt is illegal debt and you are not legally obligated to pay it back. They claim to have some administrative process to quickly dissolve the debt and simply make your creditors go away. This type of scheme typically charges an up-front fee, often as high as $5,000. They may even tell you to simply charge the fee for the program on the very same credit cards you are enrolling. Sound ridiculous? Thousands of consumers every year lose millions of dollars to this type of program. Don't rely on the government to protect you against these scams, use your common sense.
• 2. Mortgage and Auto Loan Elimination Schemes
  The mortgage loan and auto loan elimination programs are a variation of the above, except they focus on home and auto loans. First of all both mortgages and auto loans are secured. If you default on your home loan, your home will be foreclosed, and with the auto, they will simply come and repossess it. Even if the debts were illegal and you could prove it, there would still be the matter of going to court to prove your case. It would cost many thousands of dollars to defend your position. It just does not make sense, and that is what those who pay into these programs find out the hard way.
  
• 3. Student Loan Elimination Schemes
  Nearly all student loans are backed by the government. This means that if you default, the recourse is that they can garnish your wages, seize your tax returns, and place liens on any property or businesses you own. They are not simply eliminated through any administrative process. Student loans, in many cases, cannot even be included in bankruptcy.
  

If you would like a free consultation and debt analysis with a professional debt advisor to go over your options and help you find the best solution, simply complete the quick form on the right side of this page.