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1. www.debt.com › news › judgement-proof-seniorsWhat Debt Collectors Don’t Want Seniors to Know | Debt.com

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   Sep 30, 2021 · Most seniors don’t know certain income and assets are protected or that affordable legal aid is available. Abraham owed $30,000 spread over 14 different credit cards, some with interest rates as high as 24 to 30 percent. The 76-year-old is living off of $1,739 in Social Security and pension every month with $1,000 rent.

2. www.aarp.org › money › scams-fraudWhat You Should Know About Debt Relief Scams - AARP

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   Feb 15, 2019 · Student loan debt, which has ballooned to $1.6 trillion and is a growing burden for older Americans, is an especially ripe market for fraudsters, who collect advance and ongoing fees with bogus promises to enroll customers in government debt-forgiveness programs.

3. People also ask

   What is a debt relief service scam?

   • Debt relief service scams target consumers with significant credit card debt by falsely promising to negotiate with their creditors to settle or otherwise reduce consumers' repayment obligations.

   Debt Relief and Credit Repair Scams | Federal Trade Commission

   www.ftc.gov/news-events/topics/consumer-finance/debt-relief-credit-repair-scams

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   How do you know if a debt relief company is a scam?

   • Here are some signs you're dealing with a scammer: Lawful debt relief companies collect fees only after securing settlement agreements with creditors. Upfront payments, which scammers may characterize as "voluntary donations" or fees, are not on the level. Cold-call solicitations from debt relief companies could be scams.

   Is “Debt Relief” a Scam? – Experian - Experian

   www.experian.com/blogs/ask-experian/are-debt-relief-programs-legitimate/

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   Is debt protection for seniors a good idea?

   • But there is debt protection for seniors. Elderly debt collection laws, combined with resources that help seniors deal with financial challenges and abuse, can help ease the stress of dealing with debt and debt collectors. To understand debt collection relief, it’s also important to understand how debt collection works, and what your rights are.

   Elderly Debt Collection Laws and Debt Protections for Seniors

   www.incharge.org/debt-relief/credit-counseling/bad-credit/collection-laws-for-seniors/

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   Can a debt relief company pay your creditors a lump-sum payment?

   • The theory is that they'll eventually offer your creditors lump-sum payments from the escrow account in exchange for settling your debt. This approach doesn't always work, and even when it does, it can lead to steep fees and potentially a higher income tax bill for you. Lawful debt relief companies don't do anything you cannot do yourself.

   Is “Debt Relief” a Scam? – Experian - Experian

   www.experian.com/blogs/ask-experian/are-debt-relief-programs-legitimate/

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4. www.incharge.org › debt-relief › credit-counselingElderly Debt Collection Laws and Debt Protections for Seniors

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   • How Debt Collection Works
   • Examples of Harassment and Unethical Behavior by Debt Collectors
   • Types of Debt Collectors
   • Debt Collection Protections For Seniors
   • Know Your Rights Against Debt Collection
   • How to Manage and Respond to Debt Collection
   • Get Help with Debt Collection

   A creditor can start contacting you about an overdue payment as soon as it is late. The contact may be a phone call, email, or letter. It’s usually polite, maybe even asking if you forgot to pay. They’ll often give you a few ways to make the payment (phone, online, mailing a check). The longer a debt is unpaid, the less friendly and polite, and mor...

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   Debt collectors have one job, and that’s to make you pay the money they believe you owe. This focus can lead to aggressive tactics, some of which are legal, but others that aren’t and comprise harassment and unethical behavior. Some debt collectors even go after people for money they do not owe. Some harassment and unethical behavior is unique to e...

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   “Debt collector” is a catch-all phrase that can cover any person or business attempting to collect an unpaid debt. The type of debt collector is contacting you may be an indicator of how seriously your debt is being taken, and how aggressive the collection effort will be. A business or individual whose sole purpose is to collect money, and only get...

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   Because senior consumers are often targets of financial fraud, and also may be financially vulnerable in many ways, there are debt collection protection laws aimed at tactics that target seniors. Some of the legal ways seniors are protected from unfair debt collection are: 1. Debt collectors can’t garnish income from retirement accounts, Social Sec...

   See full list on incharge.org

   All consumers, regardless of age, are protected from unfair debt collection practices by the Fair Debt Collections Practices Act (FDCPA). The FDCPA, passed by Congress in 1978, specifies consumer rights against debt collectors. It includes how and when debt collectors may contact people who owe money, what they can and can’t say, what information t...

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   There are ways to respond to debt collection that will protect you. You shouldn’t ignore debt collector’s attempts to contact you. It’s important to respond in an informed and safe way. Everyone’s situation is different, so while some of these apply to you, others may not.

   See full list on incharge.org

   The best debt protection for seniors is you. You must be your own best resource and find a way to get your finances in order that makes it possible to pay off the debt you owe. Imagine the relief you’ll feel once you have that weight off your shoulders. A nonprofit credit counselor, trained to address debt relief for seniors, can be the support you...

   See full list on incharge.org

5. www.ftc.gov › debt-relief-credit-repair-scamsDebt Relief and Credit Repair Scams | Federal Trade Commission

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   • Prepared Statement of the FTC on Repair Restrictions Before the Committee on Business Affairs & Labor in the Colorado General Assembly (February 28, 2024 )
   • Veterans Consumer Protection: Preventing Financial Exploitation of Veterans and Their Benefits (April 19, 2023 )
   • Protecting Military Servicemembers and Veterans from Financial Scams and Fraud: Prepared Statement of the Federal Trade Commission Before the House Subcommittee on National Security (July 13, 2022 )
   • Stopping COVID-19 Fraud and Price Gouging (February 1, 2022 )

6. www.forbes.com › retirement › social-security-scamsSocial Security Scams To Watch Out For – Forbes Advisor

   www.forbes.com › retirement › social-security-scams

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   Mar 16, 2023 · 1. Arrest Threats. According to the Better Business Bureau (BBB), the most common Social Security scam involves someone impersonating a police officer or an official and threatening to arrest...

7. www.experian.com › blogs › ask-experianIs “Debt Relief” a Scam? – Experian - Experian

   www.experian.com › blogs › ask-experian

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   Dec 6, 2023 · By Jim Akin. Quick Answer. Some debt relief companies are scams, and even the legit ones are risky and expensive. Some creditors refuse to work with debt relief companies, and even when it’s successful, debt relief can do major harm to your credit and raise your income tax bill. In this article: Are Debt Relief Programs Legit?

8. www.debt.org › advice › financial-assistance-forFinancial Assistance for Seniors: Programs & Debt Relief

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   Mar 28, 2024 · Recognizing scam methods is advantageous for everyone, but knowing the types of scams aimed at seniors in particular can help you protect yourself from exploitative cons. Remember: if it’s too good to be true, it probably is, and if someone is pressuring you for money, stay away. When someone requests payment up front for services not-yet ...