Nizhny Novgorod residents were warned about the dangers of turning to "debt relief" services.

      On July 24, 2026, at 10:16 AM, the Economy Residents of the Nizhny Novgorod region were informed about the risks associated with so-called "debt relief companies" - firms that promise to quickly and completely free individuals from debts.

      According to the Volga-Vyatka Main Directorate of the Bank of Russia, there has been an increase in unscrupulous firms in the legal services market offering assistance with overdue debts. For a relatively small fee, they guarantee debt cancellation, but in reality, they mislead clients.

      Such organizations promise results that they cannot deliver. They often provide incomplete or misleading information about the terms of their services and the potential consequences of bankruptcy procedures.

      "Debt relief companies" actively and aggressively promote their services. Their advertisements often omit important details, and the wording creates the illusion of a simple and guaranteed solution to the problem.

      In contracts, their services are usually described as consulting. Companies strive to sign documents and receive payment as quickly as possible, before the client has had a chance to carefully review the terms. Subsequently, they are in no hurry to fulfill their loud promises, as they are formally only obligated to provide consultation.

      You can recognize an unscrupulous firm by their claims of complete debt cancellation. Advertising that guarantees the preservation of property - for example, promises of "protection of property from seizures" - should also raise suspicions. Clients are also convinced of the existence of a government debt cancellation system and are urged to stop making payments on loans, using phrases like "cancel payments" or "no longer pay creditors." However, this will only lead to an increase in debt due to fines and penalties.

      Regulator specialists recommend that when difficulties arise with debt payments, one should first contact the creditor. Financial organizations are interested in resolving the situation so that the borrower can repay the funds.

      Russian legislation provides legal mechanisms to support citizens: credit and mortgage holidays, restructuring, refinancing, and comprehensive debt settlement.

      Bankruptcy is considered a last resort. The out-of-court procedure is conducted for free, but it affects business reputation and credit history. In the future, obtaining a new loan will be difficult. Additionally, there will be a ban on holding certain positions.

      Even bankruptcy does not exempt one from a number of obligations, including alimony payments and compensation for harm to life and health.

      Earlier, the Bank of Russia warned about a new fraudulent scheme on social networks. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+.