subject: Best Debt Settlement Company - Why Some Debt Settlement Solutions Are Better Than Others [print this page] Best Debt Settlement Company - Why Some Debt Settlement Solutions Are Better Than Others
If you find yourself in debt and you can barely afford paying your monthly minimum, then you may want to consider trying debt settlement to get you out of trouble. It typically gives a fifty percent cut in your debt, and as good as that may sound, you have to be very careful who you choose as a partner in this process.
Debt settlement relies on negotiation with your creditor, and for that you require a good company that can get you the best deal. Choosing between all the debt negotiation companies on the market today can be tricky, but there are a few things you can look for that help get you a good one.
First, look for a company that has been around for a while, as debt settlement can take up t three years to complete. Five years or more is usually a good bet - anything less is not a real guarantee and you may find yourself in even more trouble if the company you were working with disappears before you complete all of your payments.
Second, do some background check and find out if the company has excessive complaints or not. Testimonials are also a good way to figure out if it can really deliver the results you are after and if they treat their customers well. Accreditation is also important here - don't choose a company no one has heard of or one that is not registered with the proper regulative institution. This institution will often give companies a score based on their performance, which can act as a good way of telling companies apart from a quality standpoint.
Third, it's best if you choose an attorney-based settlement program as they are more likely to be aware of loophole that can be used to your advantage. Also, the market is moving towards establishing this type of program due to it being safer for the client, so if you choose one form the start, you won't be affected by changes in the company later on.
In the end, caution is best, but with some well-done research you can be sure of making the best choice, so that your needs are met and your debt reduced by as much as possible.
Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.
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