Debt relief has become very popular in todays' market condition. In fact the federal government's stimulus money program has made even creditors willing to offer debt relief to debtors. This is the reason that many debt settlement companies have sprung up in the market. These settlement companies take over the procedure of debt negotiation with the creditors on behalf of the debtors. In return of this service they charge the debtors a fee which is about 15% of the amount of money saved for them. This fee is payable only once the settlement procedure is complete. According to the new laws pertaining to settlement, a debt settlement company cannot charge up front payment from the debtors. The company can demand payment only when the full and final settlement letter is given to the debtor.
In spite of strict laws there are many fraudulent companies in existence in the market. These companies fleece the already harassed debtors of their money. Hence it is very important to choose a legitimate and good debt settlm company when you are opting for debt settlement. One of the ways to look for a debt settlement company is to check on the internet. Most companies have their official web sites which provide information about their services and expertise. You can shortlist a few companies which suit your purposes and later choose one from among them.
While looking for a debt settlement company, you should make sure that the company is a member of some regulatory body like The Association of Companies. Such regulatory bodies give membership only to companies with high ethical standards. You can also check with the Better Business Bureau to verify the credentials of the company you are planning to hire. The Attorney General's office also has a list of all the companies which have ever been involved in litigation. You can make sure to stay away from such companies. One sure way of getting a good settlement company is to approach a debt relief network. These networks are non profit organisations and have a list of legitimate companies with a proven track record.