How To Find The Best Debt Elimination Companies

As the economic crisis continues, debt settlement companies are emerging throughout the U.S

. The government's flow of stimulus money has encouraged companies protect themselves against loss and accept settlements on unsecured debt. These companies now serve as an increasingly popular bridge between creditors and debt-ridden consumers, helping their clients to lower their debt and even become debt-free. There are so many debt elimination companies on the horizon that it's difficult for a consumer to find one that honestly operates on the consumers' behalf.

To get started, get a referral from someone you know well who has worked with a debt elimination company. Your contact can speak to the reputation of the company you're thinking about working with. A customer referral is an excellent way to get the information you need about a company's reputation.

If you don't know anyone who has dealt with one of these companies, do some research to find networks of such businesses. Every member of a debt company network is required to have on file a record of clients for whom they have successfully negotiated. The members also must demonstrate high ethical standards. Some of them use certified debt counselors to negotiate for the clients.

If you can't find one of these networks, look for information on the Association of Settlement Companies. TOASC will be able to give you names of accredited debt companies located near you.

With the names in hand, don't hesitate to call some of them. Important things to discuss before you choose a company are their fees, various guarantees, and repayment schedules. Also find out if they have a policy related to any debt that can't be reduced or eliminated. If your debt situation can't be negotiated, bankruptcy may be an option. At the very least, the debt elimination company you approach should be able to refer you to a qualified bankruptcy attorney.

by: Misty Rountree

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