Debt Settlement Companies: What to Know

By: Michael Millington

When looking to achieve debt relief, choosing to use debt settlement is a sound decision. Without knowing much about the business of settling debt, the simple thought of paying less to settle your debts in full would be enough for most. As with most business practices, however, there are certain qualities that a potential client must look out for. When looking into which one of the many debt settlement companies you should trust in, take into account these questions.

 

Does The Company Have Good Ratings?

 

When a company wants to have a good face for their client outreach, the best way to do this is to have previous or existing clients write reviews about their services. This should be one of the first things to look for when considering multiple debt settlement companies. While a debt settlement company will do their best to clarify what it is they do, the best way to know how a company will treat you is by looking for testimony by others in your position.

Upon looking into customer reviews, be sure to note the nature of the review and the site it is listed on. Many companies may post customer reviews straight to their websites and without a way to verify the validity of the review or its source. Make certain to see if the review comes via a reputable consumer review medium. The best reviews can be confirmed as being from actual costumers of the debt settlement companies in question.

As opposed to debt settlement companies that have honest reviews from their clients, look for companies that have reviews from reputable websites as well. The best companies will have unbiased website reviews from businesses who review other businesses for a living. The Better Business Bureau is a perfect site to find out more about the debt settlement companies you want to investigate. There you can not only see reviews, but you can also see public complaints lodged against the company, lawsuits and motions against the company, and a BBB overall rating based on multiple factors.

 

Does The Company Have Good Practices?

 

Since debt settlement is a form of debt relief, debt settlement companies have checks and balances they must abide by. The reason for this is due to the nature of the industry. Without these checks and balances firmly in place, debt settlement companies may not always have your best interests in mind. By following these rules (or at least promising to follow them) clients, both potential and existing, have a guarantee to the type of service they should receive.

Any debt settlement company that implements fees or charges before offering services should be viewed as illegitimate. Most reputable debt settlement companies will offer you the option to accept their services through a form of free consultation. This means you would have no obligation to pay upfront or accept any services offered. The purpose that debt settlement companies serve is to negotiate your debt down to a more manageable amount before you pay it off. If a debt settlement company cannot fulfill their reason for existing then you, as their client, should not be obligated to pay any money.

Most debt settlement companies worth their weight will have their rules and regulations front and center. Along with how you would qualify for debt settlement and what a debt settlement program entails, you should also know what your financial obligations would be. While most debt settlement companies won’t quote specific rates for their services, you should be able to get a better understanding of your contribution through a free consultation with your chosen debt settlement company.

 

How Accessible Is This Company?

 

While it can be extremely easy to get started with many debt settlement companies, staying on with the company throughout the duration of the program can prove difficult for some. In order to stay on the right track throughout the settlement negotiation and payment, having a strong support system is key. While there are some debt settlement companies that can be reached quite easily, there are many others who will only talk to you long enough to have you sign up for their services.

The best types of debt settlement companies offer beginners packets with pertinent information for new clients. Having this kind of information tends to bode well for a company’s continued involvement in your combined efforts to settle your debt. Knowing what you can do to help yourself while your debt settlement company does its work can help to keep yourself in good financial shape throughout the payment period.

Also, being able to contact a live person when you need to can go far for your comfort level during the settlement time period. When you have a strong support system in the form of live experts, you may have less to worry about with the settlement process. By taking away any other factors, you are left to focus on getting your own finances back intact. Some debt settlement companies will even give you materials to help you plan out your finances and better manage your money.

 

How Many Debt Settlement Companies Are Like This?

 

It is no secret that there are many different debt settlement companies in existence right now. It can be hard to distinguish the good from the bad. Guardian Debt Relief is the perfect embodiment of all three of these crucial elements to debt relief. With our expertly trained staff, ability to call or email anytime at all, and our free information covering hundreds of financial topics (from monthly budgeting to credit report reading) at your disposal. If having a world of knowledge at your fingertips sounds even more appealing than constant support, then Guardian Debt Relief is the place to be.