Debt Consolidation Advice - Avoiding Pitfalls Of Dubious Settlement Companies

Irrespective of whether you are opting for consolidation or settlement

, you will have to keep a sharp lookout for fraudulent service providers. Those who are suffering from financial problems are prime target for conmen. This is because such persons just need to be told what they want to hear and they will gladly sign their future over to these fraudulent individuals. This is exactly how fraudulent settlement companies work.

Individuals are told that they can get rid of their entire debt in a jiffy. They are promised 100% waivers. They are made to wait for the same. Individuals are advised to stop making repayments and even avoid collection agents. In short, they advised to break each and every rule in the book. No matter how rude or intimidating your collection agents are, you should never make the mistake of avoiding them.

They will use this as an excuse to get in touch with your friends and relatives and even land up at your workplace. Do not think this has not happened before. Just check out the World Wide Web and you will find a large volume of advice and tips that speaks of just one thing - never ever avoid your lenders or collection agents.

Stopping repayments just because your settlement company advised you to do so and paying money for fees for services yet to be rendered does not make sense. You may not be told that your credit score will take a deep hit. You are score that has been achieved over a period of years will come down drastically.

The lack of repayment, absence of contact and your recalcitrant attitude will work against you. All this might have been worth if the settlement company negotiates a waiver. The sad truth hurts the most you discover that the service provider never negotiates with the lenders. That is when you find that they are out of state settlement company that is not even supposed to work in your state.

You cannot approach your lenders and now seek a settlement. You cannot give them the excuse that you were cheated. Nobody will be interested in dealing with you. You will have to file for bankruptcy because there is no other option.

You can avoid all this if you make use of the World Wide Web. Just rely on debt relief networks, forums and blogs that help you find reputed companies and verify their antecedents. That is the way you should proceed.

If you are one of the millions of Americans who has over $10,000 in unsecured debt, it is time you found out about the debt settlement options available to you. Due to the current economy an overwhelming amount of people are in debt, creditors are having no choice but to agree to debt settlement deals. To get free debt help click the following link: Free Debt Help

Visit http://www.free-debt-relief-advice.com

by: Satyendra Mishra

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