Are you searching for the best debt settlement companies? If so, that's a pretty difficult feat, as there are so few ethical companies that exist. Hopefully the information I provide will help you to determine what exactly it is you're looking for to hire the best debt settlement company to resolve your debt.
The company should be BBB accredited
Never mind all of those other silly affiliations, such as the International Association of Professional Debt Arbitrators. Anything other the BBB is typically owned and operated by an individual who also owns a debt settlement company, and is simply interested in charging fees for this accreditation. Unlike the BBB, whose policies for debt settlement companies are very, very strict, there is hardly any oversight whatsoever for other affiliations.
The BBB rating should be an "A"
Don't even consider hiring a company unless their BBB rating is at least an "A". You don't want to end up unhappy with your choice, and the only way to ensure that you won't is to hire perfection in the area of customer service, proper advertising and honesty. If there have been no complaints and the company's BBB rating is an "A" you can be pretty certain that you're considering a very competent company.
Reviews, reviews, reviews... this can't be stressed enough
For your own peace of mind, you'll want to check out every review possible for the debt settlement company you're thinking about hiring. If there aren't any there is a very good chance that the company doesn't have enough experience to yet have reviews. Only hire a company that had customer reviews that can be seen. Also, there's nothing wrong with asking the company to put you in touch with current and former clients so that you can get honest feedback from people who have been in your situation.
Fees - don't allow yourself to be charged outrageous fees
Some companies charge their clients based on the amount of their overall debt. In other words, if you have $50,000 of debt to be resolved through debt settlement, some companies charge up to 25% of that $50,000. This equates to $12,500 in fees, and to this I say "NO WAY!" That is a ridiculous fee structure, and you should only consider hiring a company that charges their fees based on performance. So, let's look at this another way. If you have $50,000 of debt, and the company settles the debt for a total of $20,000, this means that you would have saved $30,000, and this is the amount on which your fee should be determined. If the company charges a fee of 20% of savings, in this case your fee would be $6,000 - a much better option. Additionally, a consumer friendly company will work with you on the fees. Remember, your creditors should take priority over fees owed to a company. If you're talking with a company that doesn't believe this to be the case, run, and run fast.
No monthly service fees
Don't allow a company to charge you fees each month. If you're trying to set aside funds to offer your creditors, there's no reason you should have to pay a debt settlement company monthly fees; this will simply hinder your ability to resolve your debt. Again, creditors are the number one priority - they must be paid. How can you save enough to offer your creditors if you're paying another monthly bill?
Hopefully this information helps you find a good debt settlement company. I wish you the very best.
The company should be BBB accredited
Never mind all of those other silly affiliations, such as the International Association of Professional Debt Arbitrators. Anything other the BBB is typically owned and operated by an individual who also owns a debt settlement company, and is simply interested in charging fees for this accreditation. Unlike the BBB, whose policies for debt settlement companies are very, very strict, there is hardly any oversight whatsoever for other affiliations.
The BBB rating should be an "A"
Don't even consider hiring a company unless their BBB rating is at least an "A". You don't want to end up unhappy with your choice, and the only way to ensure that you won't is to hire perfection in the area of customer service, proper advertising and honesty. If there have been no complaints and the company's BBB rating is an "A" you can be pretty certain that you're considering a very competent company.
Reviews, reviews, reviews... this can't be stressed enough
For your own peace of mind, you'll want to check out every review possible for the debt settlement company you're thinking about hiring. If there aren't any there is a very good chance that the company doesn't have enough experience to yet have reviews. Only hire a company that had customer reviews that can be seen. Also, there's nothing wrong with asking the company to put you in touch with current and former clients so that you can get honest feedback from people who have been in your situation.
Fees - don't allow yourself to be charged outrageous fees
Some companies charge their clients based on the amount of their overall debt. In other words, if you have $50,000 of debt to be resolved through debt settlement, some companies charge up to 25% of that $50,000. This equates to $12,500 in fees, and to this I say "NO WAY!" That is a ridiculous fee structure, and you should only consider hiring a company that charges their fees based on performance. So, let's look at this another way. If you have $50,000 of debt, and the company settles the debt for a total of $20,000, this means that you would have saved $30,000, and this is the amount on which your fee should be determined. If the company charges a fee of 20% of savings, in this case your fee would be $6,000 - a much better option. Additionally, a consumer friendly company will work with you on the fees. Remember, your creditors should take priority over fees owed to a company. If you're talking with a company that doesn't believe this to be the case, run, and run fast.
No monthly service fees
Don't allow a company to charge you fees each month. If you're trying to set aside funds to offer your creditors, there's no reason you should have to pay a debt settlement company monthly fees; this will simply hinder your ability to resolve your debt. Again, creditors are the number one priority - they must be paid. How can you save enough to offer your creditors if you're paying another monthly bill?
Hopefully this information helps you find a good debt settlement company. I wish you the very best.
Marie Megge is a consultant in the credit services industry. Over the past several years she has assisted many individuals in resolving their debt-related matters through debt settlement. For more information, visit http://www.donaldsonwilliams.com
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