Debt Restructuring Companies Aren't Always What They Appear
The media has finally figured out that a lack of consumer protection in the areas of home mortgages and credit cards has contributed to serious financial issues for millions of Americans. Unfortunately there is another industry lacking consumer protection, and it's often offered up as the solution to already-existing financial challenges — debt restructuring companies and credit repair companies.
Debt restructuring companies are often profit-seeking businesses governed as much by their owners' scruples as by government regulations. The result? While there are many debt restructuring companies that play fair, too many use unethical tactics to attract customers. For instance:
- Many debt restructuring companies will claim that credit card companies must go along with proposed debt restructuring proposals. This is not true.
- Often, debt restructuring companies bury unfavorable repayment terms in the contracts' fine print.
- Many debt restructuring companies claim that the money you send them will go straight to your creditors. In fact, many companies will take all of the money you send and pocket it as "fees" for many months.
- Often, debt restructuring companies promise to fill you in on credit card company industry "secrets." There are no secrets that will help you reduce your debt quickly.
- Instances of fraud charges leveled against debt restructuring companies are well documented.
Instead of trusting your finances to debt restructuring companies that have far less power to mend your finances than they claim, consider consulting an experienced debt-reduction attorney.
At the Ohio bankruptcy law firm of Nobile & Thompson CO., L.P.A., we can work to reduce and eliminate excessive debt through chapter 7 and chapter 13 bankruptcy protection and through a variety of other means. For prompt, sound legal counsel regarding debt reduction options, contact our Columbus-area offices for a no-charge consultation.
Contact Us
If you have questions regarding debt reduction or debt negotiation, contact our firm. We offer free initial consultations, are available for weekday and evening appointments, operate two offices for your convenience, and are open until six o'clock during the week and from nine until noon on Saturday. Both of our offices are conveniently located right off I-270. Our Hilliard office is located right off of the Cemetary Road Exit and our Reynoldsburg office is located right off the Main Street Exit. To contact a lawyer, call 866-488-3044 or 614.503.4497.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
