Debt Negotiation Savings Account-- Reason for Concern?

One common question that consumers considering debt negotiation want addressed is whether it is in their best interest to contribute money into a savings account that the settlement company can monitor. This is a valid question because after all, aren’t you safer to save the money on your own?

Actually, the answer may be no. Assuming the savings account is not the negotiation company’s, that the money will be handled exclusively by a legitimate third-party provider, and it will be held with an FDIC insured bank, there is not much to be concerned about. Two of the more reputable third-party payment processing companies in the debt negotiation arena are Noteworld and Global Client Solutions.

Well, why do you need to monitor the savings? The answer is simple: we need to know that you’re actually budgeting for the plan. Unfortunately, we are in an industry where some of our clients have had problems budgeting in the past, and it would be totally irresponsible for us to not make sure they are keeping up with the most important aspect of the program---saving for settlement.

If you’re considering a debt negotiation firm that does not monitor your savings account, ask yourself this: Do they actually care about your financial welfare if they aren’t taking the necessary measures to ensure you have enough savings for settlement? Given the nature of the industry and some consumers problem with staying on track with payment schedules, is it responsible to wipe your hands clean of the most critical factor in determining the success of negotiations?

At Franklin Debt Relief, we believe that the ability to monitor your savings account is an essential factor for achieving favorable settlements.

If you would like to learn more about our credit card debt negotiation, please feel free to call (877) 274-1260 or fill out a form and we’ll contact you as soon as possible.