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Choosing a Debt Settlement Company

Choosing a debt settlement company is not an easy decision. It takes a lot of research and phone calls before you might be ready to choose a debt settlement company. Once you have a list of companies to choose from, you will need a way to determine if the company you have called is right for you and your situation.

The best thing to do in this situation is to make a list of questions for the companies that you call. This will make choosing a debt settlement company much easier. The questions that you need to ask may vary depending on your situation. However, there is some basic information that everyone needs to know.

First, make a list of the creditors that most concern you. Have this list handy when you start contacting debt settlement companies. Ask the company if they have a standing relationship with any of the creditors on your list. Companies with a history of negotiating with the creditor will have an easier time settling that debt.

You should also get some basic information about the company itself, such as how long they have been in business. Also find out if you will have a personal representative that will be familiar with your case, or if you will have to speak with someone new every time you contact the company. The more personalized the service, the better.

Next, find out how the company determines and gains its fees. Some companies are not-for-profit, and charge their fee based on your income, or not at all. Most companies, however, charge a small fee that is figured into the monthly debt payment. In this way, you hardly notice it is there. This makes it easier for the company to take advantage of you. It is important to understand how the debt settlement company determines its rates in order to shop around and find the least expensive one.

Finally, before choosing a debt settlement company, you should check with the better business bureau for negative feedback about the company. If the company has a few complaints, but has been in business for many years, it is likely a good company. After all, not every customer of every company is going to be happy with their situation. However, if the company has not been in business very long and has a large number of complaints, you will need to continue your search for a debt settlement company.

March 24, 2009

  1. Types of unsecured debt include: credit cards, personal loans, gas cards, department store cards, apartment lease judgements, medical bills, etc. Secured debt such as your home or car cannot be included in the program. However, if your car is repossessed or you foreclose on your home, our partners may be able to resolve what you still owe on those loans.
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