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Today on MyMoneyLife with Chuck Bentley

Friday, July 17, 2009

Recession Scams (Pt. 2)

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Chuck Bentley

Well, last time I gave you some warning signs to help you spot many of the financial scams that are a by-product of the current recession—things like offers for easy loans, get out of debt quickly programs, or companies that won’t give you a physical address.

Today, I want to tell you what to do if you think someone may be trying to scam you, and these are from an article at Forbes.com.

If you’re applying for a loan, avoid paying any up-front fees unless it’s small and for something specific, such as a credit report or an appraisal. Always make out payments to the actual lender, not a broker or middleman.

Get the offer in writing and take the time to get advice from you trust, a financial advisor, or family member or a close friend. Now, there’s no need to rush, and if the person you’re dealing with wants you to act immediately, well, act immediately and head straight for the door.

And finally, Google them. Odds are if the company you’re dealing with has scammed someone else, there’s something about it online. Make separate searches for the company name, their phone number, or email address. Scammers can always run, but the Internet’s made it a lot harder for them to hide.

Now, you can also check with the Better Business Bureau and local and state regulatory agencies.

At MyMoneyLife, we want to help you manage the resources God’s given you, so that you can become financially free, and we certainly want you to avoid those pesky scam artists. I hope you’ll take a few moments and visit us online at Crown.org.

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