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Cuomo Debt Settlement
Cuomo Debt Settlement Cuomo and the Attorney General’s office of NY, over the last year, have been suing debt settlement companies.  At the same time they have been putting out warnings to consumers who are in debt and looking to enter into a debt management program. With job loss and the turned economy millions of people have been overcome by debt and there are countless debt settlement companies ready to take prey.  These companies make claims that they can eliminate your debt. In actuality, they charge hefty fees for empty promises.  In many cases they walk away with your money, leaving you in worse financial shape than you were to begin with.

Most debt settlement companies are in business for one thing, to make a profit. They are good at convincing desperate consumers to enter into agreements and to pay upfront fees.  The companies will then turn around and will not able to provide the services promised, but they will keep your money.

The Attorney General’s Office has taken a stance against these companies and has specific warnings for consumers.  First, know that no matter what the debt settlement company tells you, creditors are not required to settle any of your debt. Even when you have entered into a debt settlement program, they can still come after you.  They can send your accounts to collections and have the right to follow lawsuits to get their money.  Collection attempts will not necessarily stop.

Never enter into an agreement with a debt settlement company before proof of debt reduction is obtained. This is where they get you, with upfront fees and empty promises. Most company statistics show that a very small percentage of consumers actually get what they have been promised.

Understand that very few people, once enrolled in a debt settlement program actually finish it.   Most find that they can just not keep up with the payments and simply have to walk away.  These companies count on this as they have already been paid in your upfront fees.  Consumers are left in worse financial shape than prior to entering into the program.  Credit history and scores will be even more tarnished. 

The Attorney General’s Offices offers some other options for those that are struggling.  Contacting your creditors directly can often get you better results.  Another option is to find and work with an accredited credit counselor who can help you manage your finances without entering into a program.  Even contacting an attorney to discuss filing for bankruptcy may be a better option.

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