Posts Tagged ‘choose debt settlement companies’

How To Research Debt Settlement Companies And Choose The Best One?

Considering the very fact that there are hundreds of available out there and that many of them are scams, it is definitely not at all an easy task to choose the best one out of them. There are plenty of things that you need to take into your careful consideration in this regard. A thorough comparison-shopping is must. You can take much pain out of the process by keeping in mind the following tips.

Research The Fees

The first thing you have to do is to research the total amount of fees that the companies are charging. You can do this by requesting quotes from them. These should be free, no-obligation quotes. If you are being asked to pay a certain amount of money (no matter how small it is) upfront just to receive a quote, you should take it as an alert sign. Some quotes may try to trick you into believing that the fees are very low by showing a very low monthly cost, but when you review the quotes thoroughly, you find that there are several hidden charges also that you have to pay additionally, such as in the form of servicing or application fee. Therefore, make sure you review the provisions explained in the quotes thoroughly.

Review The Services And Guarantees

Debt settlement companies often make alluring claims, but not all of them keep their promise. Therefore, you must get a clear outline of the guarantees and services they are offering. If the promises seem to be too good to be true, they probably are. As a general rule, you should stay away from those service providers that claim to eliminate all your debts within a day. You must check the legitimacy of their methods. The idea is to get a clear picture about what kind of services you will get, how reasonable they are, and how much you will have to pay for the same.

Do A Thorough Background Check

Ask questions about their experiences and success record. Some companies return to business with another name after someone sues them and they eventually lose their reputation. Therefore, a thorough background check of debt settlement companies is crucial. An easy way to do this is to check their records with the Better Business Bureau. A company that is running a business with just a PO box address is likely to be an unscrupulous one. Therefore, it is always better to sign up with those agencies that have a physical address.

The Quotes Must Include A Plan Of Action

The best quotes are the ones that include a plan of action regarding settlement of debts based on the information you provided at the time of requesting for the quotes. Look out for companies that are more interested in debt consultations, and not just settling of debts by hook or by crook. Reputable companies first review your credit and financial situation and then provide a plan of action accordingly.

Last, but not the least, you must be wary of those companies that claim to remove legitimate credit information from your FICO report. It is very important for you to keep in mind that when a creditor writes off a part of your debt, this is going to have adverse effects your credit score; you just cannot avoid it. There is no legitimate way to remove these negative records from your FICO report instantly.

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