Should You Work With A Debt Relief Company?
Some Companies Do Not Take Any Action On Your Behalf
In the best of circumstances, these companies will help you reduce your debt. However, this can be a very time-consuming process, leaving you struggling financially for months or years.
The reality though, in many of these situations, is that the debt relief organization is doing nothing to help you. They are scams, designed to take as much of your money as possible. They require you to pay them large deposits and monthly fees, and all of this money is going into their pockets. They are not using the funds to pay down your debts. After several months, this can have a devastating effect on your finances, and deplete any savings that you may have needed while dealing with your debt.
Your Bills Are Going To Continue To Add Up
Frequently, these companies will advise you to stop paying your bills. They want you to pay them instead, and they pledge to use your money to cut down the debt. But, this does not make the bills stop. It simply means that your debt will continue to accumulate, along with late fees and other penalties for nonpayment. This can place an additional strain upon your finances, and make your circumstances much more challenging.
You Will Probably End Up Paying Much More Money Than If You Filed For Bankruptcy
These companies have to negotiate with your creditors for you on your behalf. They are depending upon you to pay their fees, and they may not be motivated to get you the best possible deal. Additionally, some creditors may be unwilling to reduce the balances that they are owed. This means you will not only be paying back all of your outstanding debts, but you will also be paying fees to the debt relief companies. This will add up to much more than the amount of money that you currently owe.
Do Not Take Chances With Your Financial Future. Call Us For A Free Consultation.
To talk to our experienced bankruptcy lawyer, Mark J. Gregersen, call our office at (801) 747-2222, or send us an email to meet with us in a free consultation. We make payment easy — through debit cards and payment plans. We have offices conveniently located in Salt Lake City and Clearfield.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.