Debt relief scams grow as consumer debt hits record high: BBB

Consumers with student loans should be on the lookout for fraudsters promising debt relief, the BBB warned in a recent study.

More than 11,000 complaints and almost 900 negative reviews were submitted to the BBB about debt and credit assistance, with many of the complaints centered around higher-than-expected fees, a failure to deliver on debt reduction and credit score improvement and a lack of response from businesses when questions arose.

"Credit repair scams follow a similar pattern," the BBB said. "Fraudsters reach out to consumers seeking to fix their subpar credit, making big claims about their abilities. They ask the consumer for payment to begin the process, but once paid, they either disappear or offer fraudulent services." about student loan forgiveness scams as repayments begin in October, telling consumers to watch out for people offering quick forgiveness or relief.

Most financing agreements state that the lender can repossess the car if you default on payments. Getting your vehicle back would require paying the loan and any fees associated with the repossession, the FTC said.

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