Say you are in deep debt for about $30,000 to $50,000. Someone comes and tells you that your debt can be eliminated if you just pay 15% of all your debt money. Would you believe it? But con artists ace at convincing you that they make you believe it and fall for their schemes.
What is the scam about? They can call it by any name â€“ Debt Elimination or Debt Termination or Debt Reduction. Whatever it be, it is about completely eliminating all your debts. After the process, you are not obliged to pay any kind of mortgages or debts. You are debt-free. All this for the price of $2500 to $3000. If you are very innocent, the scam artists charge you a higher fee, say $15,000. In the end, the scam artist gives you a document which says that you are free of debt. You take this document to your credit company, they give you the worst treatment â€“ they sue you for what you have done. Your debts remain the same and the attorneys dismiss your claims/excuses for not paying debts. It is then you realize that you have been scammed.
How does the scam happen? The scammers contact you by ads, emails which take you to their websites. On the websites, you are told that the concept of â€œDebtâ€ itself is wrong and that the credit companies are doing something not legal. Though their ideas are not convincing in the beginning, the scammers are experts at it. They make you believe all the crap they say by quoting from the Declaration of Independence, Federal Reserve Board, Uniform Commercial code etc. to support their claims. What more, you are assured of elimination of all your debts in a matter of days. They say that all that is needed is a little paperwork. Once that is done, the credit companies in order to hide the â€œtruthâ€, will be ready to eliminate all your debts â€“ the scammers make you believe so. You give 15% of your debt money to them or expend some money for paperwork and wait for the miracle to happen. The miracle does happen â€“ the credit company sues you for such a fraud. You are not just in deep debt, but also have the face the music from the credit company!