Debt settlement is increasingly being adopted as a popular means to get out of credit card debt. Essential to successful debt settlement is having the right
debt settlement company work for you. But how do you find the right debt
settlement company? Here are 5 tips that could help you find the right debt
1. Don't get driven by high pressure sales
Internet today is swamped with lucrative debt settlement offers that
are quite confusing, and hard to believe. The idea is to stay clear from debt
settlement offers that seem too good to be true. Researching for the right offer
and comparing various services offered by debt settlement companies, will help
you reach the right debt settlement company.
2. No upfront fees
Stay clear of companies, ask for complete fees up-front. Look for a debt
settlement company that takes fees on monthly to monthly basis. Also, there
should be no maintenance fees associated with accounts. Although, it might
seem difficult at first, in finding such agency but the effort will be
worthwhile as the debt settlement company will indeed be reliable because it
follows good business practices.
3. No, high percentage fees
The industry norm for debt settlement companies is somewhere between 10%-20%
of your debt. The debt settlement company will charge this to negotiate a debt
burden reduction of somewhere up to 50% or more. If a debt consolidation company
demands more than this, stay clear of them. It will be good if you shop around
for the best debt settlement rates by comparing various offers.
4. The debt settlement company should be listed with BBB
BBB stands for better business bureau. It constantly scans various companies for business practices they follow and adopts only those who is ethically professional. By checking the BBB record of a debt settlement company you can guess how reliable it is. It will ensure that you are dealing with right, honest and professional people.
5. Get feedback
Ask for previous clients of a debt settlement company, and contact him if
possible. Lookout for friends, colleagues and associates who have undergone debt settlement in recent past, know their experiences, this would help you gain a better insight into debt settlement process and might provide you something
which could save a lot for you.