How do you choose the right debt settlement company?
How do you choose the right debt settlement company when there are so many to choose from? There are several things you should ask to determine which debt settlement company to choose.
1. Do they have attorneys licensed in your home state who will be working on your case? This is critical. You want to be sure that the debt settlement company does have licensed attorneys overseeing your case. Having an attorney who is knowledgeable on your state’s laws will ensure that your case is being handled properly and that you will receive the most benefit from the program.
2. Does your money go towards settling your debts from day one of the program? If your money is all going towards the debt settlement fees and not towards your debts, then the debt settlement company is getting paid before any of your debts are settled. Look for a company that does not collect all their fees up front. They have little incentive to ensure you settle your debts if they are paid in full up front.
3. Do they accept everyone in the program or do they have a set of criteria that has to be met to determine if the program is right for you? An in depth analysis should be done by licensed attorneys to determine if you are a good candidate for the debt settlement program and that you will be successful in completing the program.
4. Do you retain control of your money that is being put into an account to settle your debts? You should always retain control of your money.
5. Do they tailor their program to meet your needs? One size does not fit all. Are you able to afford the payments that you make each month that goes towards settling your debts? Ideally you should be setting aside as much as you can afford, to pay off your debts as quickly as possible, but setting a higher payment then you can realistically afford will result in your continuing to be under stress and probably not completing the program. Make sure that your debt advisor is looking at your over all financial picture and that the payments you are making are comfortable for you. Sometimes it may mean extending the pay back period so that you can still see a positive cash flow each month and that your financial stress is relieved.
6. Be aware that new changes in the FTC rules will put debt settlement companies who are not attorney based out of business. The FTC is cracking down on debt settlement companies who are not attorney based. Many of theses companies have taken advantage of people by promising a fast solution to your debt problems and having little experience in settling debts. These companies will soon be out of business, so make sure you only sign up with a company who has attorneys who will be overseeing your case. The last thing you want to do is sign up with a company who will be out of business in a few months.
For more information on settling your debts visit Certified Financial Solutions at http://www.certifiedfinancialsolutions.com/
