Important Things to Consider Before You Pick a Debt Settlement Program - Legal Advice

If you are over burdened with debt a settlement would be the only way out for you

. There are many debt settlement programs available in the market. These programs are offered by settlement companies that negotiate the debt with the creditors on behalf of the debtors. Hiring a debt settlement company ensures that you get a good settlement deal which you may not be able to get for yourself. At the same time it saves you from having to deal with several creditors and their collection agencies. In fact some settlement companies have the technology to redirect collection calls to their office so that you do not have to deal with the creditors or their collection agents at all.

However there are many fraudulent debt settlement companies in the market. This is why it is important to choose a good and reliable company to handle your debts. The first thing you should look for when choosing a settlement company is an accreditation from a regulatory body like TASC - The Association of Settlement Companies or USOBA - United States Organization for Bankruptcy Alternatives. These regulatory bodies give accreditation only to established companies with proven ethical standards. Another good way would be to approach a debt relief network. Such networks are non profit bodies and provide membership only to legitimate settlement companies with a proven track record of settlements.

You should also choose a debt settlement company which follows an attorney based settlement design. In fact twenty nine states in the USA have made it mandatory for debt settlement companies to be represented by an attorney. Such companies will be able to defend their clients against the unlawful harassment meted out by many creditors. They will also be able to protect their clients in case they get into any law suits with the creditors. A good settlement company will also be a member of the United Consumer Advocacy Network. The UCAN is an organization which protects the rights of a consumer against the illegal and fake procedures followed by many creditors and their collection agencies.

Important Things to Consider Before You Pick a Debt Settlement Program - Legal Advice

By: Caleb Byron

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