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Friday, August 15, 2014

5 top tips on finding the best debt settlement company

Evaluating debt settlement services
Debt settlement services should cost less than unsettled debt
By Daniel Clark

Debt consolidation is a wise financial choice for solving personal debt woes. This is especially the case if you are worried about your credit score. This type of consolidation is a widely used method to create more manageable payment solution for piled up debt. One such choice is business debt settlement from performance settlement.

The major decisions you have to make when you opt for debt consolidation as a means of debt settlement is to select the best debt management company out of several firms that offer this service. A good debt management company should have little or no financial risk tied to their services; they can be verified as such by investigating them via your state Attorney General's office and/or local consumer affairs office per the Federal Trade Commission. There are number of debt settlement companies in the market and this number is growing due to the large demand for debt settlement. To find the best debt settlement company, try searching with the same smart shopping techniques that are used when consumers look for mortgages or vehicle loans.  

With the availability of several companies in the market, it is sometimes very difficult to differentiate between real and counterfeit companies. Choosing the wrong company can lead to costs similar to or more than the unsettled debt, which defeats the purpose of debt consolidation and settlement services. In other words, if the debt settlement process costs more than the original debt, the company may be predatory nature. It is highly imperative to choose right debt settlement company, otherwise falling prey to an illegitimate company will land you in trouble at later point of time.

If you are thinking of using a debt settlement company, then it is helpful to take the following factors in to consideration:

debt settlement company reputation
Verify  debt settlers' credibility via government offices


Take into consideration the reputation of debt Settlement Company. Ensure that company has good reputation in the industry and have contacts in different leading companies. This factor will help you in working out to settle your debts in a quick and easy way with your lender. 
Financial services work ethic
Regulations govern financial services

Work ethic  

Another good indication of the best debt settlement company is good work ethic. As debt relief is very important, the team at this company should constantly work to get you the best possible deal.

Good communication 

Financial services communication
Strong negotiation services are key to effective debt settlement
A good debt settlement company will be in constant communication with you. They will enquire about your background and also ask about your current situation. 

Also, it is very important to feel comfortable and free to ask about how the settlement process is going to take place. They should be easy to work with you and should also be willing to listen to your needs. 


Debt settlement companies
Class action lawsuits and bad reviews are consumer red flags
One of the best ways to measure a company’s reputation is to look what other customers have to say about the company. Thanks to Internet, you can now easily read good and bad customer reviews online. 

Ask relevant questions

When in doubt ask about fees, costs and surcharges
It is advisable not to believe everything you read online as it may happen that it may be not be true. Ask relevant questions to verify the claims of company.

Before entering into agreement with any debt settlement company, it is very important to verify all the important stuff provided on the website like success rate, their experience in the industry and testimonials.

It can be said that above mentioned qualities will prove helpful for you in determining the best debt settlement company. Only by researching and comparing the debt settlement solutions among other companies online, you will be able to determine one which meets your financial situation.

Thus, by finding the best suitable debt company you can save lot of money and also avoid stress and hassles pertaining to debt settlements.

About the author: Daniel Clark is an author, who writes blogs and articles about bankruptcy and business debt settlement solutions to assist people in their financial situations. In his articles and blogs, he provides valuable tips about how to select the best debt settlement companies.

Images: 1. Meddygarnet; CC BY 2.0 2. F. Delventhal, CC BY 2.0; 3. Workethic, GFDL, CC BY-SA 3.0; 4. US-PD; 5. EditorE, CC BY-SA 3.0 ; 5. Geralt/Pixabay, US-PD