Quick Answer: A debt settlement company’s robocaller accidentally contacted a BBB office in Texas, creating a recorded conversation that highlights typical settlement tactics. The recording reveals how these companies promise to stop credit card payments for 40 months while negotiating reduced balances.
You know this happens all the time. An automatic dialer from a debt settlement company calls an Attorney General office by mistake. In this case the call went to a BBB office in Texas where it was recorded. Okay, before you get your britches in a bunch I know the BBB has no regulatory authority but they are the wrong office to call to push a debt settlement offer. It makes for an interesting interview.
Granted, the BBB worker could have done a better job of asking deeper questions. The first clip is a bit lame but the second one is great. “So you’re not going to pay my credit card payment for 40 months?”
Dealing With Debt? Understanding your options is the first step. See how all your debt relief options compare — including ones most sites won’t tell you about. The Find Your Path quiz gives a recommendation based on your actual numbers, and the Scam-O-Meter checks any company’s complaint history before you sign. Federal Reserve research shows bankruptcy filers recover faster than those who don’t file.
Every weekday I read the enforcement actions, filings and fine print the outlets skip, and turn them into the one or two moves that actually improve your position — a rate worth moving for, a fee you can refuse, a deadline to beat before it costs you.
In the latest issue (Oct 6): When fear picks your debt plan
I write Your Money Actually most weekdays — actionable money information you will not find anywhere else, and the small decisions that compound. It is free, I sell nothing, and I take no money from any company I write about.
