Summary: Business financing company, Par Funding, warns clients of debt settlement scammers who con people with false promises of lowering their debt. More information can be found on https://www.parfunding.com/.
PHILADELPHIA, PA / ACCESSWIRE / January 30, 2020 / Par Funding has recently issued a statement warning its clients of the dangers of falling prey to debt settlement scammers. There have been reports of some "companies" claiming they can have clients' debt reduced in return of a hefty sum of money which is charged upfront on the same day. These scammers convince Par Funding clients that they can have their agreement terms modified and reduce their payments.
Par Funding has reiterated its long-standing policy of never negotiating with any third-party debt consolidation company or individual. Par Funding executives will only discuss the terms of their agreement with their clients in order to reach a solution that works best for the client's business.
Debt Settlement Scammers
Par Funding clients have reported being reached to by "companies" who promise to have their debt settled in return of an upfront fee ranging between $1,300 to $2,500, which they demand on the same day. Once they receive the funds, the scammers will make a call to the creditor asking whether they can reduce the payment. Since Par Funding does not negotiate with anyone other than the individual assigned to the agreement, any efforts made by the possible scammer will be fruitless.
"It has come to our attention that certain scam companies have attempted to con our esteemed clients with false promises of settling their debt," states Par Funding's legal department. "Par Funding would like to warn all clients that any individual or company that charges you upfront fees and promises to lower your payments is in violation of the Federal Trade Commission and is a possible scammer. Par Funding will not negotiate the terms of your contract with any third party. We would advise you to protect your hard-earned money and steer clear of such scammers."
How to Avoid Being Scammed
Most debt settlements scams are run by unsuccessful loan brokers who read off a UCC list and make cold calls to potential victims. Par Funding has asked clients to avoid debt settlement companies at all costs and called doing business with them equivalent to "throwing money out of the window". Other than refusing to talk to scammers and blocking their calls, clients can report their number to the authorities.
There are several red flags to look for in order to identify a potential debt relief scam. The most obvious sign is that the scammer will promise to be part of a special government scheme of some sort. Another clear sign of a scammer is that they will charge an upfront fee without providing any service or before settling the client's debt. This practice is unlawful and in direct violation of the rules of the Federal Trace Commission. A representative of a scam company will make impossible promises but will shy away from explaining the risks involved and will not clarify exactly what services will be provided. They will refrain from legal paperwork as well.
If any Par Funding clients wish to amend the terms of their agreement, the company advises them to get in touch with their respective account executive. Account executives will try their best to reach a solution that works for all parties involved. Par Funding, a company known for its exceptional customer service, has several options to customize terms in order to make payment convenient and easy for clients. Therefore, instead of paying money to debt settlements scammers, clients can directly contact Par Funding if they wish to modify the terms of their contract.
About Par Funding
Par Funding is a leading provider of short-term capital to businesses in need and is known for quick turnaround time and exceptional customer service. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to- day operations and growth. The company offers honest and transparent financial options through an exceptional customer support platform. More information about the company can be found on https://www.parfunding.com/.
SOURCE: Par Funding
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