In an time where marketing strategies have become downright cut throat, many are using it as an opportunity to take advantage of unsuspecting consumers. Unfortunately, the debt relief industry has been plagued my those interested in making a quick dollar rather than helping good people through hard times. The student loan debt relief industry is no different, and here is how to spot the potential for scams:
Offer one-size-fits-all solution — any experienced debt relief professional knows that finding the right solution for a consumer is based on their unique financial situation. Anyone that claims consolidation, or any other, solution is the only solution should be a cause for concern. Find a professional who is willing to sit down and take into account all of your financial affairs before helping you decide.
Doesn’t review all of your options — just like pushing a one-size-fits-all solution, anyone who doesn’t thoroughly review all of the options with you could be trying to push you into a solution that is best for them and not you. Make sure the professional you choose goes over all the options like reduced payment plans, consolidation, debt forgiveness, and bankruptcy.
Are vague or unclear about their fees — if a company is being vague about or avoiding questions about their fees for service, chances are they are hiding something in the fine print. Ask questions and read service agreements thoroughly. Make sure you trust your gut and listen to any hesitations you about fees or services.
Have no credentials — there are many companies out there operating under the claim of student loan debt help, but have little experience let alone any true expertise. A student loan lawyer is a safe bet for finding help because, not only are they trained debt negotiators, they are bound by the Bar’s code of ethics.