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Choosing the right Debt Relief Company


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What is the best way to find the right debt reduction company to work with? After all, this not something you would bring up with your friends at dinner parties. That means you'll have to do some homework on your own. However, there are some things you can look for to try and make the task easier and less fraught with disappointment.

First, look to see how long the company has been in business. Usually, a company that has been providing debt relief services for 10 years or more is more likely to have a better track record than one that has only been in business for 2 years. Second, privacy should not be an issue, however it might be wise to check and see what the company’s policy is. Make sure they do not sell your information to a third party. Third, it is very easy with the Internet these days to look a company up on the Better Business Bureau. Do not be so concerned about the rating, as the Better Business Bureau is not a fan of our industry, given the number of unscrupulous people out there; however they list the number of complaints the company has had against it. Obviously, the higher the number of unsolved complaints, the wearier you should be.

The of course, there are the fees. What does the company charge you to 1.) Get set up in the program and 2.) What are the ongoing costs. Most companies these days charge a percentage of your entire debt. So let’s say you have $35,000 in unsecured debt, and they charge you a flat fee of 15%, that comes out to $5,250. That’s a lot of money to pay to a company when you are yourself are struggling as it is. In addition, there is no incentive for the negotiators to get your debt down as low as they can. Try looking at debt relief companies that are incentive based. In other words, the lower the negotiator can get your debt down (say .30 cents on the dollar vs. 50 cents on the dollar), the better it is for you and the better it is for the negotiator.

Needless to say you want to have everything in writing. In addition, we suggest you not make any commitments unless you do have everything in writing. Unfortunately there are companies out there that do not do what they say they are going to do. However if you follow these simple instructions, your search for the right debt relief company to work with will be much easier.

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Please read my previous posts in this thread.

They do nothing that you can't do yourself using the info on this site.

The only thing they CAN do is separate you from your money.

Do it yourself. They ARE a scam. At best, they will make you bleed slower financially, but why bleed at all.

Do it yourself.

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What is the best way to find the right debt reduction company to work with? After all, this not something you would bring up with your friends at dinner parties. That means you'll have to do some homework on your own. However, there are some things you can look for to try and make the task easier and less fraught with disappointment.

First, look to see how long the company has been in business. Usually, a company that has been providing debt relief services for 10 years or more is more likely to have a better track record than one that has only been in business for 2 years. Second, privacy should not be an issue, however it might be wise to check and see what the company’s policy is. Make sure they do not sell your information to a third party. Third, it is very easy with the Internet these days to look a company up on the Better Business Bureau. Do not be so concerned about the rating, as the Better Business Bureau is not a fan of our industry, given the number of unscrupulous people out there; however they list the number of complaints the company has had against it. Obviously, the higher the number of unsolved complaints, the wearier you should be.

The of course, there are the fees. What does the company charge you to 1.) Get set up in the program and 2.) What are the ongoing costs. Most companies these days charge a percentage of your entire debt. So let’s say you have $35,000 in unsecured debt, and they charge you a flat fee of 15%, that comes out to $5,250. That’s a lot of money to pay to a company when you are yourself are struggling as it is. In addition, there is no incentive for the negotiators to get your debt down as low as they can. Try looking at debt relief companies that are incentive based. In other words, the lower the negotiator can get your debt down (say .30 cents on the dollar vs. 50 cents on the dollar), the better it is for you and the better it is for the negotiator.

Needless to say you want to have everything in writing. In addition, we suggest you not make any commitments unless you do have everything in writing. Unfortunately there are companies out there that do not do what they say they are going to do. However if you follow these simple instructions, your search for the right debt relief company to work with will be much easier.

This is out of control! I have never seen so many spammers on this site before. They must be on a roll with the economy the way it is, and they are even trying to make others get into a deeper hole...

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