Here are tips to help you spot a business debt relief scam
For starters, research the company you are considering and look for these warning signs:
- Are there “up-front” fees? [very small set-up fee’s are reasonable, but retainers or payments based on “debt-load” should raise a red-flag]
- Can they show you recent settlements with your creditors?
- Are there “typo’s” in their marketing materials?
- Are employees/Founder and management on LinkedIn?
- Was the first interaction a sketchy automated call?
- Is their experience actually in Consumer Debt?
- How old is their website? Search WHOIS here
In example, this website was created in 2002 and our parent site was created in 1999.
- Do they have super detailed 24/7 reporting?
- Are they selling you on “savings” rather than a proven plan?
- Any third party endorsements/associations?
- Do they only negotiate MCA’s? [ That’s not a good thing; it more typically means they are a new company ].
- Do they shy away from secured debts or complex obligations? [ a good restructuring firm can demonstrate a track record in negotiating virtually every type of debt obligation there is ]
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