A quick guide to spotting debt consolidation scams

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.