esm7i Have You Had a Bad Experience with a Debt Settlement Agency
You are not alone
Consumer Financial Protection Bureau has begun collecting customer complaints about debt settlement. The CFPB protects customers from abusive practices by for-profit companies that prey upon individuals seeking assistance with student loans or bank accounts. They also target people looking to collect debts. There are legitimate ways to receive help. However, many for-profit businesses take advantage of those who are financially vulnerable.
This blog post explains filing a complaint at the CFPB and the Better Business Bureau.
How to Submit a Complaint
It’s best that you contact the institution before we give you any details about how to file a complaint. Start by opening up a live chat on their website, sending them an email, or calling. You can also do it over the phone. Ensure you write down everything you need to say to avoid forgetting anything.
Talking to the correct person can help you get a quick resolution. You can call again to speak with a manager if your first email or phone call doesn’t work. You should be contacted by someone who can help you resolve your complaint.
How to File a Complaint with the CFPB
You can file a complaint if you’ve tried to resolve the issue with your manager or after multiple calls and emails. You can either file the complaint yourself, or you can have someone else file it for you. A trusted family member or friend can also file a complaint for you.
You can call (855) 411-2372 between 8 AM and 8 PM on Mondays through Fridays or file online. Follow these steps to file your complaint online:
Go to the CFPB website by opening your browser.
Click on the “Submit complaint” button located in the upper-right corner.
Scroll down until you see the “Start new complaint” button, and click on it.
Select the “Money Transfer, Virtual Currency, or Money Service” box.
Scroll down and check the “Debt Settlement” box (services to reduce your debt balance for medical or credit card debt).
At the bottom of the screen, click Next and check the box that explains what kind of issue you are having with the CFPB. Later, you will be able to provide more information.
Select “Yes” or ” No” if you have tried contacting the company directly to resolve the problem.
Click on the “Next” Button.
Answer the Bureau’s questions about what you experienced and what went wrong.
Add any documents supporting your claims, such as the signed contract copy, the emails or letters sent to you by the company, and the letters you have written.
Click “Next” when you are finished.
Please enter the name of the business you want to complain about. Click on the correct company name from a list that may appear on your screen. Click the “Next” button if it is not listed.
The CFPB will ask for the company’s address if it needs to be listed on its website.
You will be asked if you were involved in the incident and, if so, whether it was you or someone else.
Click the appropriate box to begin a series of questions.
Please answer all questions and provide your contact details.
To review your complaint, click on the button at the bottom.
How to File a Complaint with the BBB
Time is crucial in cases where a business has tricked a victim into paying their debts without the intention of delivering on their promises. You can file a complaint not only with the CFPB but also with the Better Business Bureau. They help their customers resolve a variety of disputes each year, including:
Customer service
Contracts
Sales
Settlement of debt
Warranty
Refunds
Billings
BBB accepts complaints about companies not on its list. They give victims more options and greater chances to resolve their disputes. Follow these steps to start your complaint:
Visit their website.
Search for the name of the company in the search bar. If they are a nationwide business, include the location where you conducted your business.
Click on the name of the company you want to complain about.
Click on the “File Complaint” link.
Select one of three options.
“File a complaint.”
“File a review.”
“File a fraud report.”
Start your complaint
How to Get Your Money Back from a Settlement Company
You’ll want to act quickly if you have been scammed out of the money you worked hard for by a dishonest debt settlement firm with a poor track record. The BBB can resolve your complaint and may even result in reimbursement. However, they cannot force the company to refund you.
You can also report problems to other organizations that may or may not give you your money back. It’s the same with the CFPB. While they do their best to protect consumers, they can’t guarantee a refund after resolving a dispute.
Conclusion
Both the CFPB and the BBB can help you resolve your disputes with debt relief companies and offer consumer protection in some cases, but they need to work effectively against fake companies. You must research and do due diligence on companies before engaging in any transaction.
