Can You Get Away With A Credit Card Debt Settlement?
When it comes to financial language, it is critical to understand all the names, expressions, and programs that are in place. For example, the term Debt Consolidation is totally different than Debt Settlement. The first one means you have to pay back all your debt balances, while the other one means that creditors agree to forgive you for some of your debts.
However, watch out for a scam that has been happening in the last few years and keeps perpetrating especially during the holiday season when people rack up their credit cards.
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Unfortunately, crooks have introduced a Credit Card Debt Termination program, which they advertise online via social media or even Google AdWords ads. These fake programs claim to help you waive all the debts. How does the scam work?
You are required to pay a fee, which in the end will be a few hundred dollars, while all your debts will still be there. While there are legitimate ways out there to deal with your debt (bankruptcy, settlements, etc.) always be aware of the word ‘termination' in every offer.
The most common way scammers perpetrate the Credit Card Debt Termination scam is the Debt Collection Call approach. Click the link to see how a victim lost $2,000.
Credit Card Debt Termination Scam: How to Avoid
There is no such thing, don't enroll in a Credit Card Debt Termination program. As simple as that.
How To Report the Credit Card Settlement Scam
Make your family and friends aware of the Credit Card Debt Settlement Scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
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My credit card debt is due to a scam. I asked my credit care to remove the interest so I could catch up. They rudely refused. I don’t want bankruptcy if I can do do something else. What do you recommend. Is there a true credit card forgiveness program. They’ve collected enough interest to cover any losses they may incur. Please help. I’m 75 and it bad health
I keep getting call’s from a lady who claims there’s a law suit for an unpaid balance. I called synchrony bank and gave them my info and they have no recor of me and the man tols me to turn the call in to ftc.gov and the atourney general. it’s a scare tactic and it is fraud. do not give any personal information to anyone who call’s and claim’s who they are working for. I found that there IS NO law suit on me. and he also said If there was a financial law suit the company will call your local sherriff’s office and they will serve you papers, I know that for a fact! I had that happen to me a few years ago. Be very aware of any emails and phone calls that don’t seem right. I’ve also been getting phone calls about if the person can buy my house, say NO and hang up on them.
Shaye, thanks for sharing! What is the name of the company they said they are? Or the name of these fake agents? We need to expose them! Please share the phone number also, if you can. Everyone needs to know!
I keep on getting contacted by this attorney firm in New Jersey. Last notice was a deposition notice and they want me to meet them at the Bar Association. The last page states that they are to collect a debt and to call them to settle. This is over 10 years old, not even on my credit report anymore. I am on Social Security so both are the reasons why they cannot touch me. I understand collections can buy someone’s debt but this is the same firm year after year. I will not attend the deposition as I read this is not an arbitration and wait to see if they take me to the magistrate. This firm in New Jersey is known for scaring people to pay. I feel I don’t need to do anything, am I right?
I was recently contacted by LVNV funding concerning an old credit card debit. I settledb with them for $400. Are they a legit company?