Credit Card Debt Relief - 3 Questions To Ask Your Debt Relief Company

Credit Card Debt Relief - 3 Questions To Ask Your Debt Relief Company

If you are looking for credit card debt relief and you are planning to take shelter of a relief company for help, it is necessary that you ask several questions to the company. This is because of the fact that there are several relief companies which are fake and they are operational in the market to cheat the consumers. So, it is important that you remain vigilant and that you take necessary precautions to avoid any mishap. This is will not only help you to protect yourself and save money but also help you to get out of debt with some legit help. Here are three most important questions that you must ask your relief company before committing to the same:

Is the company registered with BBB?

Is there a proper license that can be shown as a proof of the legitimacy of the company?

When will the company charge its fee and how long will it take to settle the debt?

For the first question, i.e., whether the company is registered with BBB or not, you must know one thing. A relief company when registered with BBB or Better Business Bureau, it means the company has passed all the tests of ethical standards and that the company is a legit one. BBB registration is the proof of authenticity and quality service. If the company claims that it is registered with BBB, then you must make sure that you ask for a proof of the same. If a company is registered with BBB, there will be a certificate of registration and in case the company is legit, it will show a copy of the same.

Also ask whether the company has a proper license or not. Any company which is approved by FTC will have a license to operate in the market. A legit company will have no problem in showing a copy to the license to the consumers on demand and hence it can prove its authenticity. If the company fails to show that copy, it is time that you report the same to the FTC and search for other company.

According to the new FTC law, the relief companies are now no longer allowed to ask for advance payments of the fees. Thus if the relief company asks for advance fee, make a wise use of your phone and report the same to the FTC. Also if the company claims that it will help you to get out of debt in a few months, there is no reason you must trust them. This is because of the fact that a typical settlement program takes 1-3 years to complete and other relief programs can take up to 5 years. So, if you are getting an offer of getting out of debt in a few months time, be sure that you will be the loser if you choose that company.

With the new FTC laws recently passed, debt settlement is a legitimate alternative to filing bankruptcy. Creditors are ready to negotiate and now you won't have to pay a fee unless your debts actually settle.

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