Debt Settlement Companies: Misleading Ads

Posted on October 29, 2009. Filed under: Uncategorized |

Kudos to Bankruptcy Attorney Craig Andresen on “calling out’ the shameless tactics of so-called “debt settlement companies” for their misleading advertising in his recent blog post .

I have folks come in every week to my office that have paid literally hundreds and thousands of dollars to these outfits, and receive no help on their debt whatsoever.  It is truly heartbreaking to see folks be lured into the deceptive trap that these companies set.

Before signing up with any company like this, always consult an attorney and review with the attorney any of the document the companies wants you to sign !

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3 Responses to “Debt Settlement Companies: Misleading Ads”

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I think Debt Settlement is the best way to reduce Credit Level

It is definitely an option, but if you settle a debt for less than what is owed, it is possible that the creditor could sell the debt that you did not pay to a debt buyer and that debt buyer could come after you for that debt down years later. You should discuss this option more fully with an attorney to see what option is best for you.

One of the most significant problems with debt settlement versus bankruptcy, which most debt settlement companies won’t tell you, is that the part of the debt you don’t pay can later be sold to a debt buyer and that debt buyer, or someone else down the line from them, can come after you for that debt. Also, the part of the debt you don’t pay can be turned in to the IRS as a debt forgiven and you can be taxed on that. Always consult with a qualified, competent attorney before settling any debt with a debt settlement company or creditor !

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