Debt consolidation does have its unsavory side. It is not hard to see that the numbers of debt consolidation firms has increased over the past three years. On the Internet alone they were amongst the major advertisers and now they out rank the household names with television commercials. Unfortunately a few of these so-called debt consolidation firms are being found guilty of illegal practices, especially in reference to the use of non-profit. More and more are facing lawsuits from the FTC, the IRS and countless attorney generals nationwide.
One such firm is not only subject to a federal suit, but action by the FTC and now five separate state lawsuits against it. The firm even went as far as declaring bankruptcy, but they have not stopped operations. In fact they merely changed their names and resumed operations under as different companies. This was one of the worst so far.
Not surprising though is the fact that a lot of companies are no longer referring to themselves as debt consolidation companies because of the bad media attention this case has spawned. With that in mind you need to be cautious and avoid companies that hide under the guise of debt negotiators...
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