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I am current on all of my loan payments. Why would an entity other than my bank or creditor offer to help me eliminate my debt?

You may wish to carefully consider any communication you receive from someone other than your bank or creditor.

Debt settlement or debt relief companies may offer, for a fee, to negotiate with your creditors for debt reduction or settlement. Some solicitations may be part of a scam. Be wary of claims that an entity can eliminate or cancel various types of debt, including mortgages, credit card balances, student loans, auto loans, and small business loans. These ploys are all designed to allow these companies to take your money by collecting fees for doing nothing, possibly stealing your identity, or both.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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