By HRRC Financial Counselor Keesha Allen. The Halloween season is approaching, which means it is a good time for you to “BEWARE” of scam programs out there that are just waiting to take your money.  In most cases, these scam operators make a lot of money doing nothing that you could not do for yourself.  You have worked hard for your money, so be careful to not give it away to others who make promises to do a service that you can often get for free.  A good rule of thumb is – “if it sounds too good to be true – it probably is!”  Here are a few examples of offers to be “SPOOKED” by:

Some companies will offer to set up your mortgage payments to be paid every two weeks. Bi-monthly mortgage payments result in 26 payments per year, which can help to pay off your principal balance earlier, saving you interest in the end.  These companies may charge as much as $800 to do something that you can do yourself by simply contacting your lender to arrange a different payment schedule.  Anytime you want to make extra mortgage payments, it is always best to contact your lender or servicer directly, rather than paying a third party.

Other scams are found in magazines, newspapers and TV ads for companies offering to help you “get out of debt quick.”  These consolidated credit card debt programs are generally consolidation-type loans with hefty service fees attached.  Merging accounts can be beneficial, but may be offered by your creditor and include a one-time consolidation fee, rather than a recurring service charge.  If you are interested in your options, contact your creditor directly to see what programs are offered.

Finally, stimulus grants are the newest forms of scam, where internet thieves offer to help you qualify for “stimulus funds” – after you have paid a fee, of course.  They typically send you a check asking for your bank account information so they can make a direct deposit.  Needless to say, stimulus finds are not distributed this way, and agreeing to do so may empty your bank account.  Make sure you are careful about whom you give your personal identifiable information to, and ensure they don’t solicit to other creditors. With any financial agreement you enter, you should be sure of the terms and conditions and obtain them in writing before entering into an agreement.

For more information about the latest scams to hit your area and consumer protection information, visit Ohio’s attorney general page at www.ohioattorneygeneral.gov.  For assistance in determining what is a scam and what isn’t, contact HRRC’s financial counselor Keesha Allen at (216) 381-6100 ext. 13 for an appointment today.