Debt Elimination Scams
If your goal is to eliminate all of your debts and restore your credit rating, then you need to commit to a plan that will help you wipe away your debt. However, it is crucial to be wary of debt relief offers that sound too good to be true. Falling victim to a debt elimination scam will only make your financial woes.
One debt scam that was discovered in Georgia involved unscrupulous individuals and companies offering debtors a certificate that will eliminate their mortgage and credit debts. To obtain the certificate, scammers ask their targets to pay $2,500 or more upfront. Some cases involved an additional 15% charge based on the overall debt amount.
In order to cover the upfront costs, people are urged to take out a second mortgage. The following have been used to promote this scam and target victims:
- Hotel ballroom seminars
Promoters of the scheme present “official” documents, such as court rulings, to support the false claim that the Declaration of Independence validates their approach.
In addition to the money you lose paying fees, you can also end up failing to pay bills you thought were eliminated with your debts. This can have a substantial impact on your credit rating and might even result in harassment from collection agencies.
If you or someone you know is a victim of this scheme, call (312) 313-1613 to set up a free case evaluation with one of our consumer law attorneys. We are ready to stand by your side and fight for your rights.