Debt Elimination Companies

Has anyone ever heard of a debt elimination scam involving escrow accounts?

I am looking up debt elimination. The company I'm going with can try to reduce my debt by 50% and puts my monthly payment in escrow and then pays the company I owe. Does this sound like a scam to you? Please give me as much detail as possible. Has anyone tried this debt elimination before?

Public Comments

1. I would be very, very suspicious about this. Why pay them to make payments to your creditors? Why wouldn't you make payments directly to your creditors? What guarantee do you have that they actually talked to your creditors and got your debt reduced to 50%? Contact your Creditors and verify that they agreed to this. Do not be satisfied with letters this company sends you as Proof. Contact your creditors yourself and ask them to verify this. Most likely your creditors have never been contacted and you end up paying the money into the escrow account... which means your money is gone and your debt is still there... Run their name thru the BBB site (Better Business Bureau) Also check Rippoffreport.com and run their name thru their files... and finally run a search on "debt elimination scams".
2. don't worry there are online sites for your debt problem . All of the answers to your questions and everything that you need to enroll in program are provided right there, online, and they will be explaining everything to you each step of the way. The best part is that you can do it all from the comfort and privacy of your home or office.thanks
3. Hi John, Debt elimination programs are good options for anyone wants to avoid bankruptcy. But the most important thing to do before applying for such a program is to search around to find a reputable company that you can trust your money with. That's not enough! You should also make your debt elimination plan yourself without helping from others. That's very simple if you know where your money goes, and how to use it properly. All you need to do is to be convinced that solving your debt problems is inside you. Change your lifestyle, your mindset, and your think. The best advice today is to never spend more than you earn. Make your budget and stick to it in order to eliminate your debt without getting help from others. If you need help, go ahead and search for a good credit counselor who has a good reputation and experience. Thanks, MoneyMaker