Debt Solution Phone scam

Ever got a call from the "Debt Managers" or "Debt Advice Bureau" on money issues? Did you ever wonder who these people really are and what they can do to help you about your debt? Hmmm... Be careful. The person calling to offer help may just be scammers and they go by many names!

The Federal Trade Commission released a warning after reports on phony debt solution calls started pouring in. While there really are companies that offer debt settlement services, fraudsters have taken advantage of this operation, too. This scam works with a promise to help financially troubled individuals by reducing their debts or getting them better deals. But the catch is, they require the consumer to pay large up-front fees of as much as $2,000 or more. Be warned that only promises designed to mislead the consumers. Once the consumer pays the money, the fraudsters do not deliver the promised services.

Where the fraudsters got the names and numbers to call is unclear, too. Finance websites is one possible source, though. These people use computer programs to harvest details. Shared phone numbers on social networking accounts is also an option. Other ways employed by these fraudsters include selling call list, the national phone directory, and a lot more so it is important to remain cautious when sharing personal information.

To avoid falling victim to this particular scam, practice skepticism. If the money you owe more is more than you can afford to pay, you may approach a credit counseling agency to help you establish a "debt management plan." But be sure that it's a legit agency you're working with. Check with the State Commerce Department to know if it is properly licensed and has not had any enforcement action taken against it.

Just as a random call about winning the lottery is too good to be true, so are most debt solution offers. Remember that no new loan is going to free you instantly from your debts. And be careful where you seek help. You might just run into a scammer who's after the little money that you have left.
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