Debt Adjustment and Settlement

I need help with my debt.  Where should I go?

When economic times are more challenging, an increasing number of consumers are looking for assistance in managing debt.  There are a host of companies and organizations that purport to offer help to consumers in settling or managing their debts with creditors.  Some of these services may be helpful, many are not.  In many cases, consumers end up sending hundreds or thousands of dollars to a company only to receive no help with their debt.  It is important to thoroughly research any business you are considering hiring to help you with managing your debt.

How do I know if a debt settlement or management firm is legitimate?

Any company offering debt settlement or debt adjustment services to Vermont consumers must be licensed to do business in Vermont with the Vermont Department of Banking.  Finding out whether the business is licensed is a good first step in your research.  You can look up licensees online, as well as check their list of unlicensed entities.  In any case, it is important to check the licensure status of any business you are looking to engage for these services before you ever send them any money.

In addition to the for-profit businesses that offer debt management, adjustment or settlement services, there are non-profit service agencies that exist to help consumers with debt.  

I sent money to a debt settlement firm, but they don't seem to be helping.

If you have sent money to a firm for help with your debts, check first with the Dept. of Banking to be sure they are licensed in Vermont.  If they are not, contact us to file a complaint.  We will forward your complaint to the business with a request that they respond.  Consumer complaints have also resulted in a number of recent settlements between the Office of the Attorney General and businesses operating in violation of Vermont law.

Last modified February 09 2012 09:01 AM