VHFA News

By:
VHFA

Vermont Attorney General William Sorrell is warning about companies preying on Vermonters in financial distress by offering useless or non-existent "assistance" with settling credit card debt or rescuing mortgages in foreclosure.

"Many companies marketing these services to Vermonters are not licensed in Vermont and perform little or no meaningful service for the thousands of dollars they charge," Sorrell says.

"While our office has aggressively pursued the unlicensed companies we learn about, many more are in contact with Vermonters each day. If you are seeking assistance with managing your debts or mortgage, make sure you are doing business with a company licensed in Vermont."

Consumers should be wary of companies that make big promises, but want payment up front for their services. Claims such as "settle your debt for half of what you owe" or "rescue your home from foreclosure" are rarely substantiated and occasionally completely false. Some companies may never contact creditors at all.

What you can do to protect yourself: