You buy a washing machine on credit and make the loan payments until the debt is paid off. Then you receive a call from someone claiming to be a debt collector for the appliance store. The caller alleges that you still owe a hefty balance on your loan. When you insist you’ve paid the loan in full, you’re bullied and harassed. The caller says if you don’t pay up, you’ll be charged additional interest and might even be thrown in jail.
Is the call legitimate? Or is this a scam? Three red flags can help you determine the answer.
Still not sure whether the call is legitimate? Plug the collection agency’s name and address into an internet search engine to verify that the company exists. Contact the Better Business Bureau to learn if complaints have been lodged against the agency. Pull your credit report at AnnualCreditReport.com to confirm any outstanding debts. Call the store to verify that you still owe money. If, after researching thoroughly, you don’t recognize the debt, don’t pay.
If you need help managing your debt, give us a call.
How to spot scams & cons
If it sounds too good…
According to the FBI, there are over 14,000 scam artists at work on any given day. Perhaps the information presented here will help you avoid becoming a victim. If you have questions, please call us. Remember, if it sounds too good to be true, it may well be a scam.
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The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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