Bloomberg’s reporting that more than 1,200 debt-saddled consumers were victims of a fraudulent scheme in which Mission Settlement Agency took thousands of dollars and did little to no work in return, failing to reduce debt for their clients. We continue to warn of these so-called debt settlement agencies. If you’re considering a debt settlement company, give us a call first for a free consultation. We can help provide you with immediate relief and real financial freedom through Chapter 7 or Chapter 13 bankruptcy.
Some interesting new research from the National Endowment for Financial Education has surfaced regarding debt consolidation loans. Research highlights that debt restructuring often leaves a consumer with a greater overall debt burden to the length of time and interest rate of the new loan. Highlights from the new research: NEFE says, a five-year loan for $20,000 at a 10% interest rate would cost about $425 a month and total interest payments of $5,496 for the life of the loan. Extending the debt to 15 years in a consolidation loan would knock down the monthly payment to $215, but it would increase the total interest payments to $18,685 b a fact that is conveniently left out of most debt consolidation advertisements. “Typical ads tell consumers that the monthly payments will be low and that their debt will be reduced, and although the ads sometimes tout lower interest rates, most people who…
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As the saying goes, if it sounds too good to be true, it probably is. Here’s the latest example of a debt settlement company gone bad! JK Harris, a tax-debt resolution firm aims to sell business and write off debt. The JK Harris company once advertised that it could resolve people’s tax debts for “pennies on the dollar,” but now it could be the company’s creditors and disgruntled former clients who will get less than they are owed. JK Harris & Co. plans to seek bankruptcy protection in Charleston to head off an attempt by the Texas attorney general’s office to force the company into receivership, said company founder John K. Harris. The company, a national tax-debt-resolution service based in Goose Creek, has been dogged by cash-flow problems and the cost of large settlements related to claims that it misled consumers. The bankruptcy filing is aimed at selling the business…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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