You might get an offer that says you can reduce your monthly payment, or even reduce your overall debt. The offer might look like it comes from the government…and they might tell you that, first, you have to pay a fee. But it’s illegal for a company to ask you to pay a fee up front before they get you the promised relief. And it’s illegal for them to pretend to be from the government.
Because of the pandemic, people with federal student loans have some protections until December 31, 2020. People with student loans can also take steps to handle their student loan debt.
Have you spotted a scam? Report it to the FTC at ftc.gov/complaint. And be sure to keep up to date on what the FTC is doing by signing up to get Consumer Alerts.
MUSINGS BY DIANE:
Never respond to ads on TV, mail, the Internet or door-to-door offering to “help” you. Someone has to pay for those ads – that ends up being you. Most of these are scams, but by the time you find that out they will have moved on to new victims. Ninety percent of those who use their services will never report them and even if someone does, it will take years to stop them.
If you have questions – do your own research. Look for government resources (they usually have .gov extension on their website). Ask people who are experienced in this area (electrician, medical, or lawyer). Lastly, use your common sense and don’t be persuaded by fancy talk (this is a theme you will see throughout my Musings).
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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