Debt Settlement Program Learn How To Choose The Right Program For You, Without Getting Ripped Off!
All you need to know about a credit card debt settlement program and how to choose the best program for you!
Learn how the best debt settlement company will show you how to get out of debt quick by negotiating credit card debt yourself and how to make a personal budget worksheet using the latest consumer debt relief programs and budgeting tools!
Finding the right debt settlement information is critical today, because consumer debt relief programs are becoming a major concern in America. In 2001, there was approximately $690 billion in credit card debt in America.
However, with our unstable economy, more and more people are relying on credit cards to extend their incomes. Many find that, over time, they have become so indebted that they are not able to cover the payments on the bills that arrive each month.
Best Debt Settlement Program Get Out Of Debt Quick!
You may be able negotiate a lower interest rate, get late fees waived and work out payments that are acceptable to you and the credit card company.
There are a lot of debt settlement programs out there. However, not all of them are reliable. Some have exorbitant fees, and some are just plain fraudulent.
You need to be an informed consumer when it comes to choosing a settlement program to help you get your debt under control.
There are many debt settlement companies making promises to help, but do not decide on a company just because you like the commercial. Do your homework so that you can make an informed decision and you do not end up making your situation even worse.
The debt settlement program you choose should be accredited, licensed (if your state requires licensing) and not a for profit company. Just because a company meets all of these requirements, does not mean that they are safe, you still have to do your research.
Is the company that you are considering a member of the Better Business Bureau (BBB)? You can visit the Better Business Bureau's website www.BBB.org and find reports on hundreds of Debt Elimination Program.
The BBB will have information on any previous complaints that may have been filed against the company. If they have more than just 2 or 3 complaints within a year's time, it is best not to do business with the company.
Is the debt settlement program you are considering a member of the local Chamber of Commerce? If the debt relief company is affiliated with the Chamber, this is a good indication that they conduct business properly.
Does the debt settlement program you are considering report to any of the three major credit bureaus?
Most do not but some do. Creditors will usually elect to file bad reports with the bureaus, however, the settlement program you select should not.
The program you select should offer a service guarantee. You should not have to pay a fee if the company is not able to get a settlement on your debt. Also do not go with anyone that promises a quick fix to your indebtedness and states that you will not have any negative effects to your credit.
The only way for you to not have a blemish on your credit report is to pay all your bills on time. Your credit rating will get worse before it gets better when you go through debt settlement. However, this is a small price to pay to avoid bankruptcy.
Look at fee schedules. A small initial fee is normal. These range from $50 to $100. When a debt settlement company asks for a fee, find out what it will cover and get it in writing. Find out up front if there will be additional start up fees. If you can’t pay the fees, see if they can be waived or at least spread out in payments.
Most debt settlement programs will charge a nominal monthly fee to cover administrative cost. These are usually anywhere from $2-$5 per creditor but do not usually exceed $50 per month. There should not be any other fees, such as maintenance fees, charged.
Also check to see if the company you are considering has certified debt arbitrators. A certified arbitrator knows the laws that govern debt settlement and they understand the situation that you are in.
Find out how you will be able to track what is paid to your creditors and when. Some settlement companies actually send payments late, which can cause even more damage to your credit. You should be able to go online or you should receive a statement each month.
If the debt settlement program is not able to settle your debt, do they offer bankruptcy assistance? Even though the ideal situation is to find a settlement solution, sometimes it becomes necessary to go ahead and file bankruptcy.
Some debt relief companies actually offer to refund part of the program costs to hire an attorney to help with the bankruptcy. This refund is paid directly to the attorney. Companies that have bankruptcy assistance usually have your best interest in mind.
Only accept a debt settlement program if you are able to meet the payments that will be required from you. If you aren't able to meet those payments, ask them if they can get the payments any lower. If they can’t then check around to find someone who can.
Get everything in writing. Look for hidden fees, make sure everything is just as it was discussed. If the debt settlement company refuses to give you a copy of the contract before you make your first payment then do not make a payment and go find another company.
Do not rush into anything. Take a little time to make the decision as to who will help you get your life back on track. Do your research and ask all of the above questions and take all the precautions necessary to protect yourself and your finances.
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