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Consolidated Loans Fraud

Consolidated Loans Fraud Debt Elimination Fraud

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Understanding consolidation loans
Consolidation loans (also referred to as debt consolidation loans) are loans from a single lender used to pay off the balances on smaller loans. The idea is to replace all the small loans with one larger (hopefully low) monthly payment and help the borrower repair his or her credit. Sometimes in order to yield huge profits later on.

Companies that commit fraud, however, may sometimes make the financial situation of a borrower worse by charging sizable fees for borrowed or implied services, i.e. debt consolidation companies sometimes pretends to be nonprofit and offer to help repair a person’s debts for a nominal charge and then later charge significantly larger fee.

Also some consolidation loans companies promise free debt consolidation, but there are actually fees. Fraud happens by way of phone solicitations, print fraud, and online fraud.

phone solicitations fraud

companies contact borrowers and ask for account-related and personal information.

print fraud

uses local newspapers and magazines to publish fake advertisements, coming up with special rates and offers for bill consolidation.

online fraud

Use of fraudulent e-mail (email phishing fraud) to get a person‘s account information.

If you need more information or advice please call 877-Law-NewYork 877-529-6399 or contact our consolidated loans fraud lawyer.

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