Many people who find themselves mired in debt with no foreseeable way out seek out any and all possible avenues to get themselves out of the predicament they find themselves in. This includes turning to agencies that purport to negotiate on their behalf and find a compromise with creditors in exchange for a flat fee.
The problem is that many debt relief agencies have proven that they lack both the knowledge and expertise to be able to do either of the things they say they will. A recent study by a news agency in the U.S found that most of the agencies they investigated require very large upfront fees from already debt ridden consumers who were looking for an option other than bankruptcy. These debt relief agencies indicated that they had qualified attorneys on staff who were able to negotiate debt reduction and re-payment plans that would save the individual from going bankrupt and protect their credit rating.
Unfortunately, many of these agencies proved to be nothing more than scams that took the debt re-payment monies from the consumer and after extracting huge sums for “administrative costs” they offered little or no relief whatsoever. In many of the cases the firms completely lacked the skills and training necessary to negotiate and in fact did not have a single attorney on staff.
There are many, many individuals who prey on the vulnerabilities of those who are in a bad situation. Be sure to seek out the advice of a Dayton OH bankruptcy attorney or certified debt arbitrator to get the advice you need and beware of those who claim they can do things that seem too good to be true.