Consumer Corner

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Fradulent Debt Elimination Schemes

Scissors Cutting a Credit Card

The number of fraudulent schemes supposedly designed to "eliminate" debt is increasing. Schemes such as these are promoted on the internet and in seminars throughout the United States.

The persons perpetrating the fraudulent schemes claim that they can eliminate borrowers' various types of debt, including mortgages, credit card balances, student loans, auto loans, and small business loans. The variations on these schemes are endless.

Perpetrators typically ask for a consumer's personal information and an up-front fee ranging from $400 - $7,500 depending on the amount of debt.

Victims of these schemes not only possess the risk of losing money, but are also in danger of having their identities stolen.

These schemes have no substance in law or finance. No one can eliminate an obligation to pay a debt, simply by paying someone a small fee, relative to the debt to be eliminated.

Any information on these types of schemes should be brought to the attention of appropriate local or federal law enforcement.

Information provided in part by The Office of the Comptroller of the Currency; OCC Alert 2007-55

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