Posts Tagged ‘debt settlement attorney’

Advanced Debt Management Solutions totes themselves as a budget planning service that is approved  by the IRS. They provide educational services along with budget planning. These services are even free, but you should know they are still a debt consolidation service, that makes the majority of their money from debt consolidation loans.

Is Advanced Debt Management Solutions a scam?

Fundamentally, they are as legit of a debt solution as the next guy. They are one of the few debt consolidation firms that actually offer some helpful information on the their website with out requiring you to sign up or pay a few. If you are looking for their educational programs you will need to sign up. They are also a registered non profit, but that doesn’t mean they do not charge for their service. Their primary service is a debt consolidation loan, which basically pays off your existing debt and allows you to make one (hopefully lower) monthly payment to them. Advanced Debt Solutions claims they will be able to pay off most debt within 3 – 5 years.

Here at Personal Debt Advice we recommend these debt consolidation loans as a last resort, as you are ultimately in debt. Definitely be wary of those that are asking for money or advanced fees to process your loan, it is actually illegal for companies to promise you any sort of loan for any fee, it is legal for them to collect a fee as part of getting you a loan through a lender, like a ‘finder’s fee’ but they can not ask for the money up front before you are approved for the loan. Sometimes these companies can end up hurting you or putting you into an ever worse situations, it is so bad there are even debt settlement lawyers that specialize in debt and credit laws, but if you follow along with our plan, hopefully you will never need a debt settlement attorney.