Are you looking to sign up with a debt settlement program? Well, you might be looking to avoid the new-loan solution of a debt consolidation program as the new loan would be equivalent to your existent debts only. If your debts have spiraled up to a really unaffordable situation for you, the smarter way is to reduce it down to an affordable limit through debt settlement. Now, there is shortage of debt settlement companies today, but the problem is that not all such firms are equally reliable. Thus, here are some expert tips to help you locate the best debt settlement company.
Comparative study
The first rule of choosing a compatible company is to search around. Different companies come up with varied terms and conditions and unless you make a comparative study, you cannot locate a competitive portal. Thus, you would have to shortlist a handful of potential debt settlement companies and carry on a thorough study on them. Check for any pending lawsuits against them, their BBB ratings and accreditations. You must also check the various testimonials sent by the previous customers.
The one you go for should be a widely reputed name in the market with no pending lawsuits and high A+ BBB rating. Moreover, it should be backed by happy clientele. It’s good to go for award winning companies, as accolades always assure excellent performance.
Seasoned company
Experts are right to opine that seasoned settlement professionals are the best ones in the market. Thus, always make sure to head for a seasoned name or for a company with a huge bunch of highly experienced debt settlement counselors. When you take to a debt settlement plan, your goal is to achieve as much reasonable reduction as possible with your existing debts. This will require excellent negotiation skills that is not always possible with fresh debt settlement pros. Prolonged market experience arms a professional with a great reasoning power and deep insights on the human psyche- that in turn assures fruitful negotiations.
Reasonable reduction
It’s true that you take up a debt settlement plan with the motive to reduce as much debt as possible – but then again, you can’t expect an extreme reduction as this would mean a huge loss for the creditor and no creditor will allow that. Thus, make sure your chosen company assures a reasonable debt reduction (50-60%) for you. A company promising more than 60% reduction might be a scam.
Free initial consultation
The best debt settlement companies always offer free initial consultation for every client. The consultation is needed to review the overall financial and debt situation of the client, which helps the settlement pros to decide on a manageable and rational reduced debt value. The consultation session also allows the client to clear all the queries regarding the process without worrying about consultation costs. If your settlement company is not willing to sit for such consultation or is not ready for a free session, look elsewhere.
Guarantee
The best debt settlement companies guarantee no-payment from customers until the debt has been settled.
