Shelley
Bait and Switch Scam
Bait and Switch Scam. I have excellent payment history, but a high amount of debt. I received a pre-approved offer, which would cover all of my debts at a lower payment, so I called to inquire. I was advised that they couldn't provide a loan but would do a debt negotiation with my creditors, which would effectively close all of my accounts currently in good standing and put me into a 3 - 5 year payment plan with them when I can reasonably have all of my current accounts paid in full on my own in 3 - 5 years vs. having my debt written off which would impact my credit score for 7 years and all of my accounts would be closed, negatively impacting my DTI. Very disappointed in this bait and switch tactic to "help me out" and put me in debt to them for 3 -5 years while they destroy my credit for an additional 7 years. It was not a pre-approved loan at all - it was a total bait and switch.