Debt Negotiation Company - How To Choose Debt Settlement Services
Ending up in deep debt is a situation no one would want to be in
. The problem is that consumer debt has been on the rise over the past decades due to easy access to credit. As more people turn to credit cards and unsecured loans, the number of people that find themselves in a vicious cycle of debt has also been on the increase.
Are you one of them? If so, consider finding different ways to pull yourself out of debt. One such ways is enrolling in a plan or program from a reputable debt settlement or debt negotiation company. When you enroll in a debt negotiation plan the company will negotiate with your creditors to settle all or part of your debt.
Reasons for Hiring a Debt Negotiation Company
Though many people would prefer to handle debt negotiation themselves, in the long run it is more effective and cheaper to have a legitimate debt settlement service handle the settlement negotiation for you.
Unlike a professional debt negotiator, you don't know how the industry works. You have to spend a lot of time learning effective negotiation techniques. Some of these include knowing when to accept an offer and when to stand your ground until you get a better offer. By doing it yourself you can end up in a long, tiring process with uncertain results.
Below are some other reasons why hiring a debt settlement service is in your best interest.
1. Debt settlement services are well versed on how to find mutually acceptable common ground with your lenders. As the company deals with your creditors on your behalf you no longer have to bear collection letters and phone calls from your creditors.
2. Debt arbitrators can help draft settlement letters that explain the reasons why you can no longer afford to honor your commitment. Having the experts draft the letter is one of the keys to a successful negotiation because no creditor would, under normal circumstances, let you go without paying the total amount you owe them or a sum very close to this amount.
3. Debt negotiation firms have an industry network that is difficult to match by individual consumer debtors. Debt settlement agents not only have contacts with lower level officers within many lending companies, but they also have contacts with individuals higher up the hierarchy who have the authority to approve a substantial waiver.
4. Debt negotiation companies can help keep any money you might have in your bank accounts. Without a debt negotiation plan, your creditor can legally draw any money from your bank account. If you hire a professional debt negotiator, you can keep your money in an attorney trust account, which cannot be touched without your consent.
Choosing Debt Settlement Services
Now that you know the benefits of a debt negotiation company, how do you choose a reputable one? The following are a few tips:
1. Do your research on several debt negotiation companies. Learn how long they have been doing debt negotiation and how reputable they are. Make sure the ones you decide to short list are accredited with The Association of Settlement Companies (TASC) as they are more likely to do business with a strong appreciation of your best interests.
2. Ask about the experience of the team you will be working with. Do they have IAPDA certification? What is the guarantee if they can't reach an agreement with the collectors? Also, find out their success rate and ask them to provide you with proofs.
3. Rate their customer service. Ask them about how their debt negotiation works and what you can realistically expect from the program. Do you understand what would happen if you worked with them from their explanation?
4. Learn the time required for the negotiation process. Ask about their reasonable schedule for getting the best debt settlement. As negotiating debt settlement takes time make sure that their time requirement is suitable for your own situation.
5. Ask about their fees and costs of their service. Avoid companies that charge monthly service fees or charge a percentage of your money deposited in your account. A legitimate debt arbitration firm should be compensated by a commission based on how much your debt is reduced.
Debt Negotiation Company - How To Choose Debt Settlement Services
By: Paul Sarwana
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