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Debt- Settlement - 5 Things to Consider Before Choosing a Company
Debt settlement is a popular option to reduce one’s debt. Highly indebted people choose this
option because of the growing debt charges that they can no longer manage to pay
in full. To be free of debt is one of the debt settlement companies’ promises.
This may be a nice thing to hear but you must be careful enough in choosing a
good debt settlement company so that you can be debt free in the shortest time
possible and not end up in bankruptcy.
These are the checklist in choosing the right debt settlement company:
A debt settlement company that can be trusted
You must have a
background check regarding the debt settlement company that you are considering.
You can ask close friends and relatives with debt settlement experiences if they
had tested this company and ask them to give an honest advanced critique of the
company and its services. Are there authentic testimonies testifying the
credibility of the company? Are there issues and rampant complaints and scandals
against the company? You must avoid companies that have overwhelming complaints
and scam scandals. The company must have a clean name.
cost for the service
basically on a tight budget and the cost of the debt settlement service must be
strictly considered. The cost for the debt settlement must be affordable and
realistic. You must know all the information on the services and guarantees of
the company before agreeing on a certain cost. Avoid signing up on debt
settlement programs that you can not afford just because it sounds good and you
are desperate. You may end up in a worst situation if you do this.
settlement company that is a member of BBB and accredited by TASC
Bureau (BBB) has a list of debt settlement companies including their background
of services. If the company you are considering is not even a member of this
bureau, how can you know them and their history? In BBB, it is good to find that
the company is over 10 years and has helped many people. Companies that exist
for one or two years may be a scam threat for scam companies usually do not last
for several years. A debt settlement company that is accredited by The
Association of Settlement Companies (TASC) can be a good company because the
competitiveness and reliability of that company was freely evaluated by a third
arbitrators must be well knowledgeable about the credit laws and myths as well
as experienced in the debt settlement industry. An arbitrator that is certified
by The International Association of Professional Debt Arbitrators (IAPDA) has
advantages for they had undergone trainings of different topics from credit
history to state and federal credit regulations.
settlement company that offers bankruptcy assistance
In case the
negotiations fail, is there a guaranteed assistance from the debt settlement
company you are considering? It would be better if that company can assure a
refund to pay for the bankruptcy attorney at least.