Debt Relief Companies - Characteristics Of The Best Debt Relief Companies
There are many fraudulent debt relief companies in the market
. The recession and the rapid rise in unemployment have led to many individuals seeking one form or debt relief or the other. Those who are facing serious financial problems are seeking debt settlement. On the other hand, those who have a large number of credit cards are trying to manage their debts by consolidating the same. Further, there are others who require credit counseling or other such relief solutions. It is very important to choose the right company. Make the mistake of dealing with the wrong company and your financial problems shall multiply.
Written agreements
Trust is a meaningless world in the world of finance. Beware of those companies that skip written agreements. Negotiating the terms and conditions of the agreement is one thing. However, working without a written agreement on the basis of oral promises is not wise. This is an excuse fraudulent companies use to escape legal action at a later date. Relief companies often claim that their client misunderstood the terms of the contract to escape their obligations.
Clear explanation of fees and charges
Debt settlement companies charge as much as twenty percent of the amount saved by their clients as fees. These charges are often demanded up front. Further, additional charges are imposed for maintenance of the escrow account if the same is to be done by the settlement company. No matter which relief option you choose, you should deal with a company that specifies its charges very clearly. If you are finding it difficult to understand the charges despite finalizing the agreement with the company, then you have made the mistake of dealing with the wrong company.
Accessibility on the World Wide Web
This is an important point. The World Wide Web is a very useful research tool that helps different individuals check out numerous companies at once. It does not make sense for any relief company to avoid the web unless it has something to hide. At the same time, beware of companies that make very tall claims just because the web offers anonymity.
If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.