Non Profit Debt Relief - Do They Really Deliver As They Promise?
Saurabh Jain
June 10, 2008
When you see ads about non profit debt relief, the first thing that crosses your mind is disbelief. It is very natural; given today´s selfish world, where even near and dear ones turn a back to you, why will complete strangers come to your rescue? If you think this way, that is very natural. You cannot take chance with something as important as credit cards debt.
When someone is down with credit cards debt, a promise of free bad credit card debt loan that will solve all their problems, sound like an answer to all their sorrows. And that is where the fraudulent companies trap them through their promise of non-profit debt relief program.
How The Scam Works
First, they will portray themselves as a bunch of do-gooders, who have only one aim in life --- to help poor cases like yours. They will tell you how bad credit card debt is (true sometimes) and how that can lead to bankruptcy eventually (not true always). Then they will promise to bring down the loan amount, no matter what kind of loan, that is student loan or credit card loan, to up to 50%. In return, all you have to do is send them some monthly money that they will distribute among your creditors. You do not have to bother with late fees or due dates and you can safely ignore the bills you get, for they will do all the payments for you.
Doesn´t it sound too good to be true? And it is! The moment you start to pay them, you can kiss your hard-earned money goodbye. Not only will you lose that money, but also if you trust them blindly, you will gain additional late fees and missed dates, as you will end up ignoring your monthly dues (which you would have paid otherwise). Therefore, in the end, you will end up being in more debt than before.
How To Avoid Them
The government is trying very hard to weed out fraudulent non-profit debt relief companies from the industry of bad credit card debt loan. So if you want to know whether you are dealing with a real non-profit debt relief company or not, check with Better Business Bureau to see whether there is any complain of malpractice against the company you have chosen. Also, never trust a company that will charge you just to talk to them, without doing anything or one that will ask you to take on a program, irrelevant in your case.
Non profit debt relief can eliminate your credit cards debt, but should be taken only after due consideration. Many times, they turn out to be fraudulent companies, with promises of free bad credit card debt loan. For more information visit best credit card debt consolidation.
When someone is down with credit cards debt, a promise of free bad credit card debt loan that will solve all their problems, sound like an answer to all their sorrows. And that is where the fraudulent companies trap them through their promise of non-profit debt relief program.
How The Scam Works
First, they will portray themselves as a bunch of do-gooders, who have only one aim in life --- to help poor cases like yours. They will tell you how bad credit card debt is (true sometimes) and how that can lead to bankruptcy eventually (not true always). Then they will promise to bring down the loan amount, no matter what kind of loan, that is student loan or credit card loan, to up to 50%. In return, all you have to do is send them some monthly money that they will distribute among your creditors. You do not have to bother with late fees or due dates and you can safely ignore the bills you get, for they will do all the payments for you.
Doesn´t it sound too good to be true? And it is! The moment you start to pay them, you can kiss your hard-earned money goodbye. Not only will you lose that money, but also if you trust them blindly, you will gain additional late fees and missed dates, as you will end up ignoring your monthly dues (which you would have paid otherwise). Therefore, in the end, you will end up being in more debt than before.
How To Avoid Them
The government is trying very hard to weed out fraudulent non-profit debt relief companies from the industry of bad credit card debt loan. So if you want to know whether you are dealing with a real non-profit debt relief company or not, check with Better Business Bureau to see whether there is any complain of malpractice against the company you have chosen. Also, never trust a company that will charge you just to talk to them, without doing anything or one that will ask you to take on a program, irrelevant in your case.
Non profit debt relief can eliminate your credit cards debt, but should be taken only after due consideration. Many times, they turn out to be fraudulent companies, with promises of free bad credit card debt loan. For more information visit best credit card debt consolidation.
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