Finding the best debt settlement company can be a difficult thing to do. You want to make sure you avoid scam artists or those who make promises they can't keep. You want a debt settlement company that has an established relationship with creditors and that will be able to make you the best deal possible. You also want your company to treat you fairly, and not to charge hidden fees or do anything without your permission that might hurt your credit... So, where do you find such a company?
Tips for Finding a Debt Settlement Company
When you are looking for a debt settlement company, there are several key questions you should ask:
- What are your qualifications? Most debt settlement companies that are reputable will be accredited. They may be members of one or more national credit counseling agencies. They should be ready, willing and able to provide you with detailed and complete information on their accreditation. If you work with a debt settlement attorney, on the other hand, he will be a law school graduate who has passed both the Bar Exam and an exam that tests his knowledge of the professional rules of ethics that attorneys are bound by.
- What are your fees? Make sure that you know any and all fees that are going to be charged. Some companies will charge hidden fees or high up front fees. Other companies charge to create a repayment plan, to settle debt, to collect your payments, and for each step of the way. You don't want a company that is going to make your debt problem worse by burying you in fees.
- What will you do for me? You need to understand exactly what the debt settlement firm is going to do. Debt is usually settled after you have fallen behind on your payments, as this is when creditors are willing to negotiate. Some debt settlement companies will collect your payments and not send them to creditors, keeping the in an account to let them build up so you can use that money to make a lump sum payment as part of a settlement. While being late is often a necessary part of debt settlement, you need to know in advance that this is what the company is doing so that you can be aware it will hurt your credit.
Usually, the best place to find debt settlement help is from a debt settlement attorney. Because of their advanced education and the fact that they must abide by the rules of ethics, you can be confident you are going to get the best service and the most help possible.