Debt Views

The short answer is yes – honest debt settlement companies do exist. Now, let’s closely examine why it is you’re inquiring. If you’re experiencing financial difficulty, and have a strong desire to avoid bankruptcy, you’ve probably found an infinite amount of information from various sources relating to debt settlement firms. And, much of this information contains either negative remarks or plenty of cautionary tales.

Are these stories true? In fact, many of them are – but much of what you’re hearing about the entire debt settlement industry is also simply not factual. If you take the proper time to carefully research any firm you’re considering to assist you with debt settlement, you should be just fine. Here are some tips to help you choose the right company:

· Better Business Bureau – It’s a good idea to choose only a firm that is a Better Business Bureau member. If, however, you’re considering a firm that is not, you’ll still have access to any negative information regarding this particular company on the BBB website. Typically, it is highly recommended to choose a BBB member due to the fact that this reflects a willingness on the part of that particular firm to provide excellent customer service. And, of course, beware of any debt settlement company that has significant and consistent complaints; if you can locate a debt settlement company with zero complaints, this is the way to go.

· Fee Structure – As you are probably aware, most debt settlement firms take their fees up front, and these fees can range anywhere from 15%-25% of your overall debt. Obviously, if this is the case, the total fees paid can be outrageous if you’re not careful when choosing a debt settlement company. The problem I have with companies who take their fees up front is that for several months all of your money would be finding its way into the pockets of the debt settlement firm, and nothing is being set aside for your creditors. Be very careful, take your time and conduct lots of research so that you’re able to find a credit card debt settlement company that doesn’t expect its fees up front; your best bet is to locate a company that charges its clients based on performance. These fees typically range from 15%-25% of the amount of money you actually save, and are due only after the desired results have been achieved.

· Sales Tactics – Ah, my favorite; Have you ever walked into a furniture store, only to be attacked by several salespeople? It’s not a comfortable feeling, is it? As a matter of fact, it’s downright annoying. As a side note, I’ve learned to put my cell phone up to my ear when I first enter one of these stores, and I’ve never met a salesperson who was rude enough to actually approach me during what they thought was a very intense and private telephone conversation. Okay, back to debt settlement company sales tactics. The bottom line is, either you’ll talk with an individual who is extremely knowledgeable in the area of debt negotiation, showing an interest in your concerns and happy to share their opinions, knowledge and experience with you, or…well, you’ll talk with a high-pressure “furniture” salesperson who wants nothing more than to close the sale and take your money. If this is the impression you get, run the other way – fast. If this debt settlement company’s first communication with you is based on what’s in their best interest, and not yours, how do you think the overall customer service experience is going to be? This is a difficult time for you, and you’re going to want to choose a debt settlement company whose employees are interested in your needs, concerns and providing you with the best service available.

· Customer Service – Speaking of customer service, don’t afraid to ask questions. Will you be communicating with just one or two individuals assigned to your accounts, or will any customer service representative be able to answer your questions? Remember, this is a very sensitive and relevant event in your life. You’ll want to speak with only those people who know you and are familiar with each and every one of your accounts. If you call and leave a voicemail, how long will it be before you receive a return call? Is it guaranteed that you’ll hear back from your representative within a certain amount of time? How does this debt settlement company typically handle each settlement agreement? Are you, the customer, the actual person who gets to decide whether or not a settlement agreement is acceptable? All of these factors should be weighed when deciding on what debt settlement company you’d like to choose;

In summary, it’s up to you to make the final decision regarding what debt settlement company you’ll choose to represent you. If you want to hire an honest, ethical and reliable debt settlement company, choose wisely and do plenty of research. Remember, your finances are very important, and you don’t want to rely on a company that might not put as much time and effort into your case as is needed. I wish you the best.