5 Tips to Selecting the Right Debt Settlement Company

When it comes to financial freedom, help is available for those who need it.

But now that you’ve decided to get help, how do you know how to choose the right provider?

Just like with any product or service, it’s important to shop around for the right debt settlement program. You have to know what to look for in a good debt settlement company and what to watch out for in a bad one?

So how can you know you are making the right choice? Let’s take you through five tips for selecting the best debt settlement company.

You don’t want to put your financial future in the hands of just anyone.

The first step when you consider any debt settlement company is to check their affiliations and credentials.

Check to see if your prospective program is a member of the following;

The Chamber of Commerce

If the company is locally based, check to see if they are a member of the local chamber of commerce. If they are more online or nationally based, see if they are a member of the national chamber of commerce.

This may not seem like a big deal, but a membership with the local or national chamber of commerce actually ensures that the company you are looking at is abiding by stringent business principles and practices.

Companies that are not members are not necessarily shady companies, but a COC membership is a good sign.

The USOBA/TASC

The United States Organizations for Bankruptcy Alternative and The Association for Settlement Companies are both credentialing organizations.

If you find a debt settlement company that has been credientialed by either of these organizations, your risk goes down significantly. The USOBA and TASC perform third party evaluations of debt settlement companies to ensure that their business practices, effectiveness and ethics are up to snuff.

Again, a company NOT being credentialed doesn’t necessarily mean it is a bad company (newer companies may not yet be credentialed), but the affiliation is always a good sign.

The old saying that the best things in life are free? It might be true of some things, but financial freedom isn’t one of them. Debt negotiators do charge a fee, and it’s vital to know what that fee is before you do business with any company.

A debt negotiation company shouldn’t hedge around their pricing, and pricing shouldn’t be vague. A good company should be able to tell you exactly how much their services will cost and provide you with a complete fee structure so that you know exactly what you are paying for.

If they can’t provide that or seem reluctant to do so, take your business elsewhere.

Don’t be afraid to shop around, either. If you can’t afford to pay your debt settlement company, you are just going to make your financial worries grow.

A good debt settlement company doesn’t just do settlement. Settlement isn’t the right option for every situation, and a good company knows that.

A decent company should also offer credit counseling and debt management plans as well as settlement. They should also consult with you about your unique situation before they ever move into talk of settlement.

We’ve said this again and again. Settlement is a rough road, and it isn’t for the faint of heart. Debt settlement companies should be up front with that fact and never push you into settlement if you aren’t comfortable with the time and patience it takes.

If a debt settlement company ever tries to tell you that settlement is an “easy” or “quick” solution to your debt issues, you should back away fast and find a company who is going to be honest with you.

The laws surrounding debt and its negotiation are complicated. Any company you hire to help you work through that debt should know what they are talking about when it comes to the law.

They should maintain professionalism at all times, and be competent when it comes to how the laws relate to your individual situation. You can ensure this by going with a company whose debt negotiators are certified by the International Association of Professional Debt Arbitrators.. This certification ensures that your debt negotiator knows the laws and statutes surrounding your case and can make those laws work in your favor.

Choosing a debt settlement company can be nerve-wracking. After all, this is your credit and your financial future we are talking about. But there is no reason that you have to go into the process without confidence.

Shop around, find a company that you trust, and use these five tips to ensure that you are with a company who is worth their fee and your time.

For information on how we became one of the most sought-after debt settlement companies around and how we can make that expertise work for you, contact us today.