Advantages and Disadvantages of Consolidating Business Debt

A quick guide to spotting debt consolidation scams

We have spoken on our blog often about exactly what the benefits of debt consolidation are, how you can get a better handle on your finances, and the steps to take to figure out exactly what you owe, when it’s due, and how taking action can bolster your credit score.

However, while this is absolutely the case, it is also worth pointing out that debt consolidation scams do exist. There are an array of reputable organisations that will be able to assist you in your quest to eliminate debt, but there are also scammers and fraudsters who are intent on stealing money, especially from those who are either vulnerable or don’t have a robust knowledge of financial processes.

There will always be individuals with malicious intent who have no qualms when it comes to hoodwinking people, and that’s why we’re here to give you an idea of what you should be looking out for, and how you can avoid falling foul of such scams.

1. Do your research

The first thing we would recommend doing if you get an email or SMS that seems too good to be true is to do some research. If a message looks like a scam, then it very often will be, and it will most likely have been received by numerous other people. Simply by Googling the content, you will often be able to see whether you have been targeted by a scam, and can then be confident when it comes to deleting and reporting it.

2. Compare and contrast

Been sent an offer that looks a little bit iffy? Feel like there must be a catch? Sometimes companies will give you an authentic debt consolidation option that is, to all intents and purposes, a fantastic deal, but it pays to check the small print; there’s always the chance you could be missing something.

Also, it is always worth comparing the deal with those being offered by competitors, as this will give you an indication of whether it is, in fact, genuine. If something smells fishy, or if you have reservations, it is far better to wait; the alternative could see you get scammed, which will be far worse for your finances in the long-term.

3. Get all contracts and promises in writing

The best way to ensure you are not going to get scammed when committing to something is to have a paper trail. Reputable organisations will always be happy and willing to send over documentation to ensure that any deal is legitimate, while a scammer will often baulk at such a request, so don’t be afraid to ask for transactional proof. You need to guarantee that, at every step of the journey, you are covered.

The team at Debt Consolidation Loans has accumulated years of knowledge and experience when it comes to helping people manage their finances. We understand that issues around debt can be confusing and, at times, worrying, which is why we are dedicated to acknowledging everyone’s bespoke situation and finding a debt consolidation option to suit them.

 

If you’re a homeowner and business owner, get in touch with the experts at Debt Consolidation Loans today for more information about how a debt consolidation loan can benefit you.

If you think a Debt Consolidation Loan is right for you, get in touch or call on 0333 577 5626 to improve your financial situation with one easy monthly repayment.

We offer Debt Consolidation Loans for homeowners.

Our team is on hand to help with number of questions you may have.

If you are struggling with debt, please visit Money Advice Service for help and advice.

We are a broker, not a lender.

Visitors also read:

Barclays Bank are FinedPersonal Finance
December 16, 2020

Barclays Bank are Fined £26million Over Treatment of Customers Dealing with Debt

News just out that Barclays Bank have received incredible consequences over their treatment of customers is delighting many people that have and still are struggling with debt. In a first…
Debts-CoronavirusDebt ConsolidationDebt Solutions
April 11, 2020

Debts Coronavirus

Debts Coronavirus 3 tips for managing debt during the Coronavirus pandemic Employment is a big factor that is being impacted amidst the covid-19 pandemic. A lot of people who currently…
Toddlers to Be Taught Money Management | Debt Consolidation LoansGuides
September 3, 2015

Toddlers to Be Taught Money Management

Money Management for Toddlers News that £700,000 is being spent on a project to find the best ways of educating children as young as three about money has come as…
good debt vs bad debtDebt Solutions
November 23, 2020

How to avoid Debt over Christmas

Here are our tips on how to avoid debt over Christmas Debt consolidation loans can help when it comes to avoiding debt over the Christmas period, It is not uncommon…
Digital Trappings to Avoid When Struggling with DebtDebtGuides
March 7, 2021

Digital Trappings to Avoid When Struggling with Debt

Digital Trappings to Avoid When Struggling with Debt Ten or twenty years ago, debt would be a very private affair while temptation to spend would be easy to avoid. Now,…
Reduce private healthcare costs with a medical consolidation loan | Debt Consolidation LoansDebt Consolidation
September 6, 2020

Reduce private healthcare costs with a medical consolidation loan

While the NHS is a world leader in public healthcare, increasing numbers of people in the UK are turning to private clinics for cosmetic and dental issues. However, the high…

Leave a Reply

16 − two =