Debt Settlement Companies – Tips To Find The Legitimate Companies
Debt settlement companies are in the focus for all the good reasons
. While other debt relief methods like debt consolidation, debt counseling, and debt acceleration suffer from serious setbacks, debt settlement offers better debt solutions.
You can make most out of debt settlement strategies with the help of an expert as well as experienced company. In this article we are going to discuss all good features a reliable settlement company should possess.
Accreditation and Experience
A company offering debt settlement services should have accreditation from the following:
International Association of Professional Debt Arbitrators or any other such organization
Better Business Bureau
Local Chamber of Commerce
Besides, the company should have the experience of handling settlement cases of different types. Also, look for the qualification of the settlement expert the company assigns to you. An experienced and successful company should be able to provide the client with testimonials as proof of its experience.
Debt Negotiation and Management Expertise
Negotiation with the creditor is what differentiates a settlement company from a debt consolidation company. The aim of the former is to negotiate and reduce the pending debt amount to the best possible extent. Another important feature of a settlement company is to offer debt management services to the debtor so that he or she can easily get off with the reduced debt amount.
Visible and Affordable Program Fee
A good settlement company should have affordable program fee, which is completely visible to the consumer. Some bad companies in the field spoil the reputation of the settlement industry by charging hidden fees at a later stage. A good company should not indulge in such bad practices.
Written Contract
Another good feature of a settlement company is that it should ask the consumer to have a written debt settlement contract. By doing so, the debtor participates in the process. This way the process becomes transparent for him. Besides, it helps maintain written records of the proceedings.
A settlement company should not ask for initial fee. Another expectation of a consumer from these companies is that they will not inform the credit bureaus about the settlement procedures.
Whenever you choose a settlement company to get rid of debt, consider all the aforementioned features. Don't choose the very first company coming your way but take time to compare different companies and make the best choice.
Debt Settlement Companies Tips To Find The Legitimate Companies