Choosing a Debt Settlement Company

Credit Card Debt Help: Choosing the Best Debt Settlement Company

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If you successfully complete our program, it’s possible that you’ll enjoy these benefits:
	Settle your debts for less than you owe
	(read here for full details about how much you can expect to save)
	Resolve your unsecured debts in 18 to 60 months
	(read here for full details on how long our program lasts)
	No Up Front Fees - Don't Pay Till You See Results!

How to Choose a Debt Settlement Company

Many consumers who are facing outstanding debt obligations have researched a number of credit card debt settlement companies as well as any appealing credit card debt help alternatives that may be able to solve their financial problems. One problem that consumers frequently encounter is the fact that many of these credit card debt organizations all appear to be offering the same assistance. They come across similar monthly payments, program lengths, and potential results from many of these debt settlement companies. This article attempts to inform the consumer how to properly approach the process of choosing the best credit card debt settlement company. There are a number of factors to consider before you reach a decision as to what the best fit for you may be. Throughout your research, ask yourself these questions to help the process along and reach the right decision:

1) Do they properly qualify their clients?

Although debt settlement company can completely predict who will complete their program or who will be able to achieve savings on their balances, debt settlement companies that practice business ethically should only want to enroll consumers into their programs who they are confident they will be successful in servicing. In order to gauge this, they must inquire about your situation and your accounts to determine whether you’re a suitable candidate for their program.

2) What are the costs of the program?

First, assess both the monthly payment the settlement company is offering as well as the fees of the program. If the monthly payment is barely affordable, it’s best for you to seek another option such talking to a bankruptcy attorney. Anything over 15% of your total debt is considered above the industry average.

3) How long will I be enrolled in the program?

If a debt settlement company insists that staying in the program over 3 years is beneficial for reaching settlements they are providing you with completely inaccurate information. Typically, a settlement program lasts between 2.5-3 years depending on how much a client can afford for a monthly payment. If a company tries to convince you that a 3.5 year program will save you more money, they are giving you bad advice.

4) How much money is the debt settlement company claiming they can save me?

The majority of settlement companies profess that they have the ability to save you 40-60% of the total debt you owe. In some cases, reaching a 40% settlement is not unrealistic. However, you must understand that the amount of money that you can save through a settlement program depends heavily on who you creditors are. In the credit card industry, it is a fact that there exist a number of creditors such as Capital One and Discover who are more prone to forward accounts to attorneys, which will increase your settlement percentages. If a settlement company tells you they can save you 60% of the total debt that you owe, they are painting an unrealistic, best case scenario picture in which they settle every one of your accounts for 40% of the owed amount. Be sure that every company you consult is giving you a realistic portrayal of your situation once they know what creditors you are in debt with.

5) Is this debt settlement company a member of the BBB or TASC?

Make sure that before you choose to go with a debt settlement company that they do not have a lot of complaints with the BBB (Better Business Bureau). You can check this online at BBB.org. In addition, you ultimately want to know if they are also members of the Trade Association of Settlement Companies (TASC). This association sets industry standards for debt settlement organizations that are practicing business. If they are not members of either, you may want to consider another company. Being a member of both the BBB and TASC demonstrate that the companies are practicing business under proper conduct and are following industry standards successfully.