Reverse Mortgage Scams Hello, and welcome. This is Charlie Fuller, real estate coach and investor with the Dean Graziosi’s Real Estate Success Academy. In this podcast, I’m going to be talking about debt elimination scams. Now, scams and fraud have become very commonplace in recent times. They’re growing at an alarming pace and have become a threat to the financial sector.

In case you’re planning to go for a debt settlement or debt consolidation, it is highly advisable that you do a lot of research as to which company to hire. There are several firms that help you settle your debts, but in some cases these companies turn out to be frauds. Therefore, it is crucial that you make an educated decision to ensure that the company you choose provides you with ethical services.

Many companies advertise themselves claiming to be nonprofit, but don’t get misled by that tag, as it can be deceiving. There are millions of people owing money to banks, financial institutions, investment companies, credit card providers, and money lenders. Debt reduction is currently a common goal for all of them who are deeply in debt. Everyone is putting hard effort into reducing their debt using different approaches. This situation has indirectly encouraged debt elimination scams to grow faster. Now, these scams are around each of us watch this video .

The people behind the idea here are making use of the current economic state to take advantage of the victims that have an economic crisis. Now, they pretend to offer financial solutions to people using dirty tactics to trap them. By trapping these victims, they are able to make large amounts of money out of the scam. So, if you’re considering debt settlement or debt consolidation, it’s quite obvious that you’re going through financial distress and are unable to pay your debts. Now, under such situations, you definitely do not want to make an unnecessarily expenditure.

These fraud debt settlement companies are just schemes to extract money from innocent people through unfair means. How To Avoid Debt Settlement Scams Debt settlement is quite an expensive process. You need to __ (registered? 2:30) yourself under a debt settlement company by paying an initial subscription fee, and from there on pay a monthly servicing fee.

Now, once you’re registered on their particular company, the firm takes the responsibility to negotiate and manage your debt accounts. These fees may differ from company to company, and depends upon the amount and type of your debt. The settlement companies analyze your financial state and negotiate with your creditors, and settle on a subsidized amount that you need to pay.

Now, debt settlement can reduce your payments by literally 40% to 60%, depending on your financial condition. However, while genuine firms promise to deal with your financial problems in the most effective way, and keep their promises, scam companies only offer empty promises. Now, the fraud debt settlement organizations have only one objective of earning more money from the debtors, with no intention of working on their financial state, to make it better. Now, one of the most popular debt settlement scams that has gained significant popularity in recent times is the no-hassle registration plan. In this case, the company in question offers to register you, over the phone, without any sort of enrollment fee.