Fraudulent debt relief companies are targeting people struggling with student loan debt with promises of debt consolidation and financial recovery.
Unfortunately, these predatory companies are instead engaged in ripping consumers off by charging illegal up front fees and monthly dues, while allowing student loan payments to lapse leading to ruined credit and a host of financial headaches.
The Consumer Financial Protection Bureau and the Federal Trade Commission have closed down a number of fraudulent debt relief companies, however, there are many businesses that continue to fleece borrowers. Authorities acknowledge that it is a futile game of whack-a-mole when it comes to debt relief scammers – for everyone you close down…another two pop up.
Of course, the scammers have a rich source of prospects in the U.S.. At $1.4 trillion, student loan debt trails only home mortgages as a source of personal debt with one of every five households weighed down by a student loan. Add to that the climbing cost-of-living and many find themselves in a financial pickle despite their best efforts.
While it may be tempting to work with a company on a debt settlement agreement, unfortunately, it is not as simple as some might think. In fact, we have had many clients come in who regret hiring a debt settlement company to handle their debt challenges for a variety of reasons.
Contact an Experienced Illinois Debt Settlement Agreement Lawyer
If you wish to learn more about bankruptcy and want to understand some of its advantages over debt settlement agreements, you are encouraged to contact the Peoria Law Offices of Charles E. Covey to understand what options may be available to you. Call our Peoria Illinois Bankruptcy Law Offices for more information today at 309-674-8125.