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How to recognize debt settlement scams

As a Florida resident who feels like you are drowning in debt, you may be looking for just about any type of assistance you can get. You may, too, find that you are increasingly becoming a target of debt settlement companies who may make all kinds of promises in an attempt to get you to work with them. At Kingcade Garcia McMaken, we recognize that some debt settlement companies are little more than scams, and we have helped many clients facing overwhelming debt pursue safer solutions that meet their needs.

According to the Federal Trade Commission, most debt settlement companies are for-profit agencies, meaning they may be more focused on making money than helping you get your finances back in order. So, how can you identify a potential debt settlement scam before it becomes too late?

First, be wary of any agency that makes any guarantees about getting your debts paid off for a particular amount. Why? Your creditors have no obligation to go along with a debt settlement agency's wishes, and any debt settlement agency representative typically knows this. In other words, you should look at a "guarantee" from a debt settlement agent the same way you would any other empty promise.

You may also want to think twice before signing on with a debt settlement company that tells you to stop paying and communicating with your creditors entirely, and particularly if the company fails to outline the risks involved in doing so. Stopping all communications with creditors can lead to late fees and fines, which can place you even further into debt. You can find more about your possible options when your finances spin out of control by visiting our webpage.

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