Profiting From Distress
Profiting From Distress
Profiting From Distress
Not every financial scammer operates on the level of a Bernie Madoff, but they all take advantage of good people and drain energy from our economy when it's needed most. Persistent telemarketers exploit vulnerable people who are trying to get ahead by selling them on worthless work-from-home business opportunities, bait-and-switch credit relief, or risky Ponzi schemes. Offering victims a chance to jumpstart their prospects and escape the Great Recession, fast-talking opportunists lure victims who may act without clear judgment due to recent unemployment, mortgage problems, pending home foreclosure or other financial distress. Arizona has become a major hotbed of boiler rooms where telemarketing fraud generates ill-gained profits.
Business Opportunity Scams and Investment Fraud
One persistent area of telemarketing fraud involves preying on the victim's desire to improve their financial prospects from work-at-home business opportunities and franchise offers to Ponzi schemes and other scams.
The Federal Trade Commission cautions consumers about a wide range of business opportunities, including coupon scams, envelope stuffing, rebate processing, assembly work, medical billing opportunities and Internet-based business ideas. Victims can squander a dispiriting quantity of money and effort before finding out that the goose does not lay golden eggs. A quick review of the FTC's regular advisories will educate you about the perils and make you a smarter consumer.
Illegal or overhyped investment opportunities can do even greater damage, leading to a loss of life savings or foreclosure on a family home. You should always thoroughly research any pitch before investing, whether it involves rare coins, oil leases, breakthrough computer technology or any other investment that is promised to deliver returns. Common sense should always prevail: if it sounds too good to be true, walk away. But even if it sounds reasonable, demand a full portfolio, do background research and discuss the idea with objective friends and family members.
False Credit Repair Promises
One common pitch that quickly catches the attention of many people in financial trouble is an offer to repair a lousy credit report. The one glaring problem with these so-called "strategies": there is no silver bullet for repairing your credit except hard work and time. The smooth operator who promises you the sun will disappear behind the clouds after making a quick buck and maybe taking a few token steps on your behalf. Here are a few common scams and why you should avoid them:
They promise to explain how you can fix your credit if you call a 900 number. Operators will keep you on the phone long enough to rack up the charges per minute.
They suggest tricks to convince creditors that you don't really owe a particular debt. Scammers who file inaccurate complaints on your behalf will take your money for temporary status improvements that will then expire.
They claim that they can help you start over with clean credit. Creating a new taxpayer identification number or Employer Identification Number (EIN) is a crime, and the old debts will catch up to you because of other identifying data.
They promise to use inside contacts to get you a new mortgage or other lines of credit to clear up your record. Instead, contact a law firm that understands the full range of debt relief options to explore legitimate processes.
This is the reality: if the main source of your financial troubles is a bad credit rating, you will need to take the long view toward making improvements. If your only problem is inaccurate data showing up on your credit report, it is relatively easy to contact the reporting agency yourself. If you are also saddled with a heavy debt load because you lost a job, suffered major medical problems or experienced other setbacks, you may need legal counsel to help you find an appropriate solution.
Real Debt Relief Solutions
Debt can be managed by a variety of strategies, including consolidation, mortgage refinancing, loan modification and old-fashioned priority setting. But for some people, the debt load has reached a tipping point, and no measure short of a bankruptcy filing will solve their financial crisis. Legal professionals have the ability to advise you about all of these options and handle every aspect of your case, from the notice letter to the negotiating table and court hearings.
Both chapter 7 and chapter 13 bankruptcy provide the benefit of an automatic stay. For people who are exhausted from constant creditor harassment, bankruptcy can provide immediate relief. An experienced bankruptcy attorney can explain the advantages and disadvantages of bankruptcy, as well as the differences between chapter 7 and chapter 13 and what chapter is best for you in your unique situation. Above all, a reputable bankruptcy attorney can advise you whether you are a good candidate for debt relief options in the first place, rather than simply just take your money and give nothing but false promises.
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