“A Sucker Born Every Minute”: Avoid These Debt Management Programme Scams In Singapore

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The web communications revolution has provided many unprecedented opportunities for commerce – and unfortunately, quite a few opportunities for swindlers to prey on the gullible. This is just as true for debt consolidation as for anything else. Here are some debt consolidation scams to stay away from:

Debt Management Plan

1. “Free Debt Consolidation Services”

Why are these guys doing it for free? How are they making money? Do be aware, though, that cheap debt management services in Singapore are not always a rip-off, although it would be a good idea to take a second look at anything that sounds too good to be true.

2. “No Repayment Necessary”

I don’t quite know quite why I included this one, except for entertainment value – if you can read then you’re probably too smart to fall for it. Anyway, here goes: Did you know that banking laws prohibit the charging of interest, and that the Supreme Court has backed this up with several decisions? You can borrow money, fail to pay it back, and then retain a lawyer to get you out of paying it back – after all, they had no legal right to lend you the money. Would you like to know how? Well, for the low, low price of $69.95…

If you fall for this one then I’ve got some swampland in Pasir Ris I’d like to sell you sight unseen. Oh, and by the way, even if banking law DID prohibit the charging of interest, you’d still have to pay back the principal.

Most debt management swindles are see-through because they aim to take advantage of somebody in financial and emotional distress.

….As P.T. Barnum said, “There’s a sucker born every minute”.

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