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10 Factors that You Must Consider When Choosing a Debt Settlement Company
Author: Gregory DeVictor
Debt settlement allows you to settle your debts, making one low monthly payment, and to get out of debt in a shorter amount of time than by paying back your balances in full. Debt settlement has worked very well for thousands of people and businesses over the years. However, you must thoroughly research any company whose debt negotiation program you are considering. This article lists 10 factors that you must take into account when choosing a debt settlement firm.
1. How long has the company been in business? How much consumer and business debt does the company manage each year? How many individuals, families, and businesses does the company counsel each year?
2. Does the company make claims like, “You will only pay 20% of your debts” or “Calls and letters from creditors will automatically stop when you enroll in our program.” These are all false statements, and you will not hear them from a debt settlement company that is compliant with the Federal Trade Commission, an independent agency of the United States government. FTC-compliant firms do not give you “candy coating” or avoid the truth. They give you honest facts.
3. Does the company have debt settlement letters and client testimonials on their website for you to review? It is difficult to gain trust in a company that doesn’t provide any of this critical information.
4. Are you assigned to an experienced financial counselor to ensure that your debt settlement process flows smoothly from start to finish?
5. Does the debt settlement company give you a free, no obligation debt analysis, which should include a debt settlement savings estimate. New FTC regulations prohibit debt settlement companies from charging upfront fees before they begin working with consumers and businesses.
6. Does the debt negotiation team have experience in making settlements or negotiating terms for financial issues such as credit cards, medical bills, unsecured loans, leases (equipment, office, restaurant, etc.), and bad contracts?
7. Is the debt settlement company a member of the Online Business Bureau, as well as the Better Business Bureau in the municipality where they do business? What are their ratings with the Online Business Bureau and their local BBB? What kind of complaints have been filed about their services?
8. Is the debt settlement firm an active member of TASC, (The Association of Settlement Companies). TASC requires that all of its members maintain a stringent set of standards in doing business with consumers and businesses.
9. Is the debt settlement company a member of Dun & Bradstreet, the world’s source authority for business insight? According to a leading debt settlement company: “Working with a debt settlement company that is listed with the D&B is important in order to make sure that you get quality service from a solid and reputable company.”
10. Is the debt settlement company an active member of IAPDA (the International Association of Professional Debt Arbitrators)? IAPDA provides training for individuals to become Certified Debt Specialists and Certified Credit Counseling Specialists, thus giving you the best possible service and the best possible savings in your debt settlement program.
This article has listed 10 factors that you must consider when choosing a debt settlement company. As stated above, debt settlement has worked very well for thousands of people and businesses over the years. However, you must thoroughly research any debt settlement company whose program you are considering.
Article Source: http://www.articlesbase.com/debt-consolidation-articles/10-factors-that-you-must-consider-when-choosing-a-debt-settlement-company-5580948.html
About the Author
Gregory DeVictor is a professional writer who has been developing and marketing websites since 1999. As a debt settlement consultant, he has a knowledge of the inner workings of the debt negotiation process. Learn how to become debt free in in 2012 with the help of a trusted and FTC-compliant debt settlement company at: http://www.debt-relief-advice.com/debt_settlement_advice.htm