At Zero Debt Law Firm, our Evanston debt settlement litigation attorneys fight aggressively to protect the legal rights and financial interests of people and families. If you were taken advantage of by a debt settlement company, you deserve justice. Compensation may be available. If you want more information about suing a debt settlement company, we are here as a resource. Call us at (312) 267-1160 or send us a direct message to set up your initial appointment with our experienced Illinois debt settlement litigation attorneys.
What is a Debt Settlement Company?
A debt settlement company is a business that promises consumers that it can resolve their debt for less than they currently owe or for better repayment terms. It is different from a debt consolidation firm that combines a person’s debts into one payment. Illinois has specialized regulations in place for debt settlement companies. The state classifies a company as a “debt settlement provider” if any of the following three criteria are met:
- The company offers debt settlement services in exchange for payment;
- The company solicits business on behalf of another debt settlement company; or
- The company charges customers for student loan relief services.
Here is the problem for people who are struggling with their finances: Debt collection companies are notorious for making promises that they cannot keep. Far too often they prey on people who are already struggling—charging excessive fees over a long period of time for little or no services.
An Overview of Your Rights Under the Illinois Debt Settlement Consumer Protection Act
A lawsuit allows consumers to take action and hold a debt settlement company legally responsible for fraud, material misrepresentations, or other violations of your rights. If you are considering filing a debt settlement lawsuit in Evanston, the Illinois Debt Settlement Consumer Protection Act is the main law that protects your rights. Here are four things that you should know:
- Debt Settlement fees are Strictly Limited By the Law: In practice, many debt settlement companies charge enormous upfront fees and ongoing monthly bills. However, neither practice is lawful in Illinois. These companies are limited to charging a maximum $50 application fee before work is performed. If you were overcharged, you may have a claim.
- They Cannot Tell You to Stop Paying Your Debts: The common tactic of telling people to stop paying their debt, and pay the debt settlement company, is illegal. It also gets consumers in a lot of trouble since it often results and a lawsuit by the creditor and a ruined credit score.
- Cancellation and Automatic Return of Funds: Illinois law holds that people have the right to cancel their debt settlement services and get a return of their funds. If you paid a debt settlement company, canceled services, but did not get your money back, you should consult with our attorneys right away.
- Material Misrepresentations are Prohibited: Illinois law requires debt settlement companies to make good faith, accurate representations to people. A debt settlement company can be held legally liable for financial damages caused by fraud, material misrepresentations, or material omissions of fact. An Evanston debt settlement litigator can help you fight for fair compensation for your losses.
- We Do Not Charge Fees for Suing a Debt Settlement Company: When you bring a winning claim against a debt settlement company, our attorneys can recoup their legal fees directly from the company. Our firm handles these cases on contingency. We do not charge upfront fees.
How Our Illinois Debt Settlement Litigation Lawyers Can Help
Were you lied to, defrauded, or otherwise mistreated by a debt settlement company? Too many of them make big promises that they simply cannot deliver on—leaving struggling people in an even worse financial position. At Zero Debt Law Firm, we have what it takes to hold them accountable.
Among other things, our Evanston debt settlement litigation lawyers is prepared to:
- Conduct a comprehensive and confidential review of your case;
- Investigate your interactions with the debt settlement company; and
- Take whatever legal action is needed to hold the debt settlement company accountable.
We are litigators. With a record of success in court and testimonials from clients, our Evanston debt settlement litigation attorneys go above and beyond to help our clients get justice and fair financial compensation for their damages. You can count on our Illinois debt settlement company litigators for personalized legal representation.
Call Our Evanston, IL Debt Settlement Litigation Attorneys Today
At Zero Debt Law Firm, our Evanston debt settlement litigators are trial-tested, results-driven advocates for our clients. If you were treated unfairly by a debt settlement company, we are more than ready to help you get justice. Contact our legal team at (312) 267-1160 to tell us about your situation during a completely confidential consultation. We provide sue debt settlement companies for consumers in Evanston, Cook County, and throughout northern Illinois.