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Some ways to do your own due diligence when it comes to dealing with debt settlement companies include: – Ask lots of questions, like how long the company has been in business, what type of training its employees have.
You want to go with a company that’s been around and has a staff who understand personal finance.
And, if a settlement is negotiated and accepted, you will pay much much less than you initially owed on the account.
Many times this amount is less than 50% of the original debt, which can end up saving you quite a lot of money in the long run.
– Avoid companies that contact you rather than the other way around.
– Read — and understand — the fine print before you sign anything.
Debt settlement isn’t the only option for people who are swimming in debt.
If you’ve tried debt management on your own and are still struggling and need help, you may want to consider a Debt Management Program (DMP).
The fees are minimal, and much lower than you’ll pay a settlement or consolidation company — and you’ll pay off your debts, typically in less than five years, without all the damage to your credit and credit scores.If you are swimming in debt, you’re bound to start looking for a way out.Many people see debt settlement –an option that advertises to help you pay off your debt for much less than what you owe– as a way out of their financial woes.Plus, even though you’re ignoring your lenders (as directed by the settlement company), they will continue to report late payment status updates to the credit bureaus, which will continually get worse until the account is charged off or goes to collection — or is settled, which is the settlement firms main goal.Another drawback is that while you’re paying the settlement company, most won’t tell you exactly how much of your monthly payment is going towards your debts and how much is actually being deducted as their “fee.” It goes without saying that you do NOT want to get scammed by a debt settlement company.