Debt Management Companies
Debt management companies can help consumers in managing
their credit card, mortgage, or car loan debt; and can assist with credit
repair and some loan modification activities. Managing debt may include
reducing the total debt, lowering the interest rates and/or monthly payments,
or modifying the terms of a loan.
Hiring a debt management company?
Check proper registration. Be cautious
of high fees.
If you have made the decision to look for help with your
debt, make sure the company is properly registered with the state of Oregon.
This is important as Oregon has many protections in place for consumers
who use these services. Before you pay anyone to help you with your debt,
be sure to:
- Check to see if the company is registered in
here to search our online listing of registered companies
including companies that are registered as HUD Foreclosure Counselors.
- Know what services you are receiving and how much
they cost. Be cautious of high fees.
- Understand your rights.
For more information, including the fees a company can
charge you, check our FAQs on
debt management companies.
Be aware of solicitations.
Reduce your debt quickly!
House payment too high?
These are examples of catchy slogans that so-called debt
management companies use to attract customers. Look at these red flags
below - they are hints that the company looking for your business may
Debt management or reduction
- Makes claims of settling debt for "pennies
on the dollar"
- Claims their program will not adversely affect
- Instructs consumer not to pay creditors
- Instructs consumer to stop making mortgage
- Directs consumer to send mortgage payment to
them rather than mortgage company
- Uses ads or mailings that are similar in design
as those from government agencies
- Performs a "forensic audit" - a review
of mortgage loan documents for errors - and claims to be able
to reach a favorable settlement with lender
Other red flags
- Charges upfront fees
- Solicits consumer by email, mail, phone calls
or Internet pop-up ads
- Guarantees positive results
- Claims to be out-of-state attorneys* that are
exempt from Oregon-required registration
| *Only attorneys who are
licensed or authorized to practice law in Oregon may provide debt
management services, and only if they provide these services incidentally
to the practice of law.
If you have any questions or need help, contact us -
Phone: 1-866-814-9710 (toll-free in Oregon)
Office Hours: Monday-Friday, 8:00
AM - 5:00 PM Pacific Time