The debt relief industry, like many other industries can be something of a Wild West scenario. It can be full of both good guys and bad guys. Yes, there are most certainly scammers out there who will take your money and fail to provide you with a legitimate service. On the other hand, there are companies who perform debt settlement legally, ethically and with integrity. The key for the consumer is to be educated in how to tell the difference and make wise decisions.
It is always a good idea to do some research about any potential individual or business that you will be paying to perform a service for you. Check out their company profile with the Better Business Bureau and read reviews from others who have used the service. Ask the company to provide you with references and then check those references out.
Educate yourself about the existing legislation that regulates the debt settlement industry. For example, a 2010 law enforced by the FTC prohibits debt settlement providers to collect advance fees for services that have not yet been provided. Details such as these are important for the consumer to be aware of so that they are protected from the “bad guys” out there looking to make a buck at the expense of consumers looking for a legitimate solution to their debt problems.
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