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HomeBlog Debt SettlementHow to locate an FTC-Compliant Debt Settlement Company
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How to locate an FTC-Compliant Debt Settlement Company

February 5, 2012 by National Debt Relief

How to find a good debt settlement company

Have you seen advertisements–maybe on TV or the Internet–from debt settlement companies that promise they can reduce your debt by as much as 75 percent? Or that they can settle your debt without it affecting your credit score?

These are all false claims.

There is just no legitimate debt relief company that can cut your debt by as much as 75%. And debt settlement will definitely have an adverse effect on your credit rating and credit score. This is because in order to settle your debts, you will have to stop making payments to creditors for probably six months. Logic dictates that this is all bound to have a negative effect on your credit rating. These are claims that are never made by a debt settlement company that’s compliant with the FTC’s (Federal Trade Commission) rules and regulations.

The difference between debt consolidation and debt settlement

It is important to understand the differences between debt consolidation and debt settlement before you choose one or the other.

Debt consolidation is where you consolidate all of your outstanding debts, such as credit card debt, into one new loan. Debt consolidation loans generally come with lower interest rates and longer terms, meaning that instead of having to pay off the debt in two to three years, you have five, seven or even more years to repay the money you borrowed.

Debt settlement or debt reduction is where a company negotiates with your creditors to reduce the amount of money you owe at lower interest rates and with a better, easier to manage repayment plan.

Federal Trade Commission compliant

Debt settlement can be a very good option but only if you choose a Federal Trade Commission compliant company. This is because an FTC-compliant company will give you an honest assessment of your current debt situation. It will also explain the new personal bankruptcy laws and regulations and why it is more difficult now to get out of debt through bankruptcy. Your debt settlement counselor will explain how the process has helped thousands of individuals through the years and why you need to have a strong personal commitment to make it work.

The differences between FTC compliant debt settlement companies and the others

A company that is compliant with FTC rules and regulations will not charge upfront fees. Instead, it will provide a free, no obligation debt analysis that will include an estimate of how much money you could save with debt settlement.

In addition, an FTC compliant company won’t ever “guarantee” how much money you can save you. This varies from person to person, on the amount of debt you owe and your debtors so it’s just not possible to guarantee any savings in advance. Instead, it will only tell you that it will word to save you as much money as it possibly can and that you will pay nothing until you approve a settlement

How to find an FTC compliant debt settlement company

Before you choose a debt settlement company, be sure to check out its accreditation. This should include a notice that it is fully compliant with the Federal Trade commission final TSR rule 16 C.F.R. Part 310. This will ensure you that the company collects its fees only after it has completed all outstanding issues with your creditors. Its credentials should also include a link to the new FTC law. http://www.ftc.gov/opa/2010/07/tsr.shtm

Debt settlement has worked for thousands of Americans

Whether you call it debt negotiation, debt arbitration, resolve debt, or settle debt, it has worked successfully for thousands of American families and it could work for you. However, do make sure that you choose a debt settlement company that is FTC compliant.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: I am calling because I wanted to ask a few quick questions about your experience with National Debt Relief [unclear 0:00:27]. JOSE: It’s good. Charlotte: Now before I begin, I have to let you know that our call is recorded. Can you tell me what actually made you decide to work with [unclear 0:00:40] National Debt Relief as opposed to other providers? JOSE: Good. Charlotte: What made you decide to work with National Debt Relief, as opposed to other debt relief companies? JOSE: Aside from your reviews, I’m guessing the success of the reviews. Charlotte: Tell me about the service and the program that National Debt Relief signed you up for? JOSE: I was able to collect all my debt into one chunk and then pay it off. Also was able to get settlements lower than what the balance was. Charlotte: How easy or difficult would you say the enrollment process was? JOSE: It was pretty simple. It wasn't difficult at all. Charlotte: Now is there anything about the process that you feel could have been improved? JOSE: Not at all. I think everything went smoothly. Charlotte: Perfect. Can you give me a little feedback on your experience with your negotiator? What did you think about your negotiator? JOSE: Negotiator was really firm and fair. Charlotte: Do you happen to remember the name of your negotiator by chance? JOSE: I do not, actually. Charlotte: Okay. Is there anything about that representative stood out [unclear 0:03:04] at all? JOSE: No, not at all. Charlotte: Perfect. How comfortable did you feel working with the negotiator through this process? JOSE: Very comfortable. Charlotte: Perfect. So if you had any questions or concerns, how did the negotiator work with you to resolve any questions or concerns that may have arisen? JOSE: At this point, I really didn't have any concerns at all. So, I mean, been doing a great job. Charlotte: Awesome. So if you were gonna rate your experience with National Debt Relief so far, on a scale of maybe one to five, and five would be that you would recommend to friends and one is you were pretty dissatisfied, how would you rate them? JOSE: Is 5 the highest? Charlotte: Yes, 5 is the very highest. JOSE: Okay. Then we’ll go with 5. Charlotte: Would it be okay if I posted your comments as a review on our public web site for National Debt Relief? JOSE: Yes. Charlotte: I will also send over a link so that you can have it as a record for yourself as well. And I have you at salvipride673@gmail.com. JOSE: Yes. Charlotte: How did National Debt Relief work with you as far as setting up a payment [unclear 0:04:45]? JOSE: They did pretty good. Like I said, I have no complaints at the moment. Charlotte: How comfortable were you with the amount that you were paying? JOSE: Very comfortable. Charlotte: Perfect. Now as far as your thoughts on the cost in relation to the quality of service you received at National Debt Relief, what would you say about that? JOSE: The service team was all right. Charlotte: Now if you were going to rate your experience on a one to five, five is that you would recommend to friends and one is you're pretty dissatisfied, how would you rate them? JOSE: 5. Charlotte: Perfect. Would it be okay if I posted a few of your comments to our website? JOSE: Yes. Charlotte: Now if a friend or a family member were asking you about National Debt Relief, what would you say? JOSE: Really great people to work with. Very quick and easy, very responsive, no issues. Really makes you feel like they’re there for you. So not a scam at all. Charlotte: Perfect. Now about where are you in the process at this point? JOSE: I've already had two creditors resolved already. Pretty happy about that. Charlotte: And of course, our call is recorded.

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