Debt settlement involves a great deal of negotiation between you and your creditor. Depending on how well you do this will spell out the new amount and payment terms that you have to deal with in order to be finally free from debt.
Note that if all else fails in your debt relief efforts, you will be forced to declare bankruptcy. While that will waive off your debts, it will give you creditors the right to seize your assets – if the judge rules this as such. Also, the repercussions on your credit history will be very damaging that financial advisers will not bring it up unless you have no choice.
This alone should stress out why you need to succeed in your debt settlement efforts.
Why You Need the Help of a Debt Settlement Company
That scenario (staying away from bankruptcy) is one of the main reasons why you need to hire a debt settlement company. One thing that you need to remember is a debt settlement program is not for everybody. Debt settlement companies can only help you if you qualify for it. Legitimate companies like NationalDebtRelief.com will not represent debtors who are able to pay for their debts and only wish to swindle their creditors.
But if you do qualify, you will get the following benefits:
– Professional help with debt negotiation.
– A resource of knowledge about your rights in the debt settlement process.
– Higher chances of reducing your outstanding debt amount, waiving of penalty charges and lowering your interest rate.
– Taking advantage of the existing professional relationship between the debt negotiator and the creditor/collection agency.
– Management of your debt payments.
– Lesser calls and harassment from creditors/collection agencies.
– Legal advice (if necessary).
While you may be put off by the service fees that these companies will charge, you need to be assured that these companies will not charge you without results. In fact, the government prohibits this. The FTC or Federal Trade Commission released an amendment on the TSR (Telemarketing Sales Rule) in 2010. It states that debt settlement companies are not allowed to charge upfront fees. Click on the link to find out more about it.
Ultimately, adequate knowledge plays an important role in making sure you know what is expected out of the program. Find out more about legitimate debt settlement.
How to Choose the Right Company to Trust
There is an increasing number of people finding themselves in a heap of financial obligations from college loans to mortgage and credit card payments. The problem is owing more than what you are making. Because of this, there are debt settlement companies that focuses on getting debtors repay their creditors in a schedule they can keep. They play such an important role that getting the services of the right company is crucial.
Looking at the licenses and other legal operational documents of the debt settlement company you are thinking of dealing with is a great way to start. This gets most of the doubt out of the way. You will be assured that the company does have a legal entity to represent you in your state. It also proves that they are registered to do exactly the services they are advertising.
Next item to look at is the fee they will collect. You must be able to discuss this with the company. Finding out how they charge their clients will not leave you clueless and surprised with the bill after they have fulfilled their services. It also gives you the chance to discuss terms in case you find the fee to be a little bit higher out of your budget.Checking their performance is another important consideration you must look into before getting the services of the debt settlement company.
There are forums online that you can easily search to look into customer feedback of the company. You can quickly assess how they have performed in the past by simply looking into the experiences of their previous clients. Most of them should have positive remarks about the service delivery of the company and how satisfied they are with the results. One good place to look into is the Better Business Bureau (BBB). If the debt settlement company you are looking into is a member, BBB would have a more detailed list of their past performance. You would be able to gauge better the efficiency of the company and how they have handled similar cases as yours in the past. This will give you a better idea of the service you are getting.
When you do find the right company to entrust your debts to, they will help you find the right debt settlement plan that will work for your unique financial conditions. The idea is to make sure it is right for you.
NationalDebtRelief.com is a debt settlement company that have helped a lot of people reach an agreement with their creditors. Get in touch with us so we can start working on your debt problems. Give us a call, chat with us or fill out the form on this page. We will have someone call you as soon as possible.