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Tips for Choosing a Debt Settlement Company
By Jena Collier on January 25, 2011

933309_69435035-(2).jpgDebt settlement companies will promise you many things: stress-free settlements, no upfront payments, or 80% reductions in your debt. Some may be true, others a gimmick. The key to finding a reputable debt settlement company is to do your research and know what to look for. Below are five tips to help you find a debt settlement company that will get you out of debt “hassle-free.”

Tip #1

Make sure debt settlement is right for you. Sure, a solution which gets you out of a reduced amount of debt may seem like the ideal solution for anyone. However, debt settlement is only right for that small group of people who have no reasonable way to pay the amount of debt they owe, who do not qualify for Chapter 7 Bankruptcy, and who would be able to accumulate a large sum of money if they were to stop paying their credit card bills. Debt settlement significantly damages your credit score and requires you to pay taxes on savings and therefore should not be chosen lightly.

Tip #2

Choose a settlement company that employs certified debt arbitrators. Some states require those working in this industry to be certified, but if your state does not, check into the company’s credentials. Certified debt arbitrators have industry and legal training to get you the best settlement possible.

Tip #3

Check to see if the settlement company is registered with the Federal Trade Association and the Better Business Bureau. If any complaints have been filed or investigations launched against a company, these two organizations would be able to let you know.

Tip #4

Congress passed the Debt Settlement Consumer Protection Act in 2010 prohibiting companies from charging exorbitant fees before your debt has been settled, and forcing them to disclose all services that will be performed with those fees. However, still make sure the fees charged by the company are reasonable and within your means. Research what going fees are and weed out those that are out of the range of normal.

Tip #5

Never work with a company that tells you to stop communication with your creditors, telling you instead to send your payments in through them. Even if you plan on stopping payments in order to negotiate a settlement, it’s always best to stay in contact with your creditors along the way.

Even with stricter Federal regulations, the business of debt settlement is risky and fraught with scams. However, with adequate research and a discerning eye, debt settlement can keep you from drowning in your debt.
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