The BBB has warned the financially bereaved citizens of the country about the scams
of these debt relief agencies, and have asked them to be aware of the misleading promises of these debt settlement companies. With the onset of recession, many individuals and families have lodged a number of cases for the unscrupulous activities of the debt settlement agencies. According to the President and CEO of BBB, Stephen A. Cox, a number of affluent families have been lulled by the attractive offers of these agencies to provide them with debt relief, but largely people have received no help from them as per their claims other than a huge amount of their money getting debited from their checking accounts without any clue as to where all that money has actually gone. Regardless of all these complaints the debt relief companies have thrived and prospered like no other business. Since the inception of recession in late 2007 the angry and disillusioned customers who have been thoroughly victimized by these agencies have not only filed complaints with BBB but also to the Attorney General of their respective states. Typically what happens in debt relief is that the consumer can choose an option where, on paying an upfront fee the
High hopes and promises of debt reduction
If the company tries to claim that debt reduction is quick and easy which can actually take years to resolve.
For these innumerable tormented consumers BBB has recommended to contact the non profit Credit Counseling Center which can provide them with good advice for a nominal amount or if they may have to seek help of debt relief companies it is mandatory that they should conduct intensive research about the functioning of the agency that they have decided to enroll in, to resolve their debts.