Debt settlement can be a great way to get your finances under control and to get out of debt. However, it’s important to understand that there are some debts that can be settled and some that can’t. It is possible to negotiate settlements on what are called unsecured debts, such as credit cards and personal loans. However, it is not possible to settle secured loans or those that have been secured by an asset such as your automobile or house. Of course, these settlements can be handled by you or by a debt relief company.
Debt settlement isn’t for everyone
If you owe less than $5000, it probably doesn’t make sense to hire a debt settlement company. You could be better off trying to settle the debts yourself as the cost of using a debt settlement company might be prohibitive vs. the amount of money the company would save you. Also, if you owe so much it seems unlikely that you will be able to make any payments at all in the near future, filing for bankruptcy might be a better option.
Third, how much you could save through debt settlement will depend on who are your creditors, how delinquent you are, the types of purchases you have made, whether or not you have payday loans and if you have made any credit card balance transfers.
What to look for in the top debt relief companies
Reviewing the top debt relief companies based on these criteria:
- Can provide different programs tailored to your personal needs
- Up to date membership in a Chamber of Commerce
- Belongs to the American Fair Credit Council (AFCC) or the Associate of Settlement Companies (TASC)
- Membership in the Worldwide Association of Professional Debt Arbitrators
- Provides fast customer support
- Has a high customer satisfaction rating
- Offers flexible programs according to what you are able to pay monthly
- Works with personal debt, mortgages, taxes owed and loans to provide the best possible help
Since National Debt Relief is a debt relief company you would expect us to toot our own horn and say we are the company you should work with. However, do not take our word for it. There are independent review sites that have made their own decisions:
Check out this review on TopConsumerReviews.com.
Check out this review on TopTenReviews.com.
Watch out for shysters
If you are an individual or the owner of the company looking for help with your debts, there are companies out there that can help you reduce them and get control of your finances. But it is important to pick a reliable and trustworthy debt settlement company such as the three I have listed here. It is unfortunate but true that there are debt settlement companies that just cannot be trusted. They will take the money you have paid them and, instead of using it to pay off your debts, will simply keep it. And by the time you learn what’s happened, it may be too late for you to do much about it.