Searching for the best Debt Settlement Company is a time consuming process. Many consumers take months to complete it and often spend weeks just trying to narrow down the choices. Sometimes, even after doing so, making a selection can prove difficult. I always say an educated consumer is the best consumer and this often helps in choosing the best Debt Settlement Company. In fact, I was recently asked how one chooses the best Debt Settlement Company for their individual needs and thought this would be a great way to help answer that very question. Over the years, I have learned a lot about Debt Settlement and hope my experience will help guide some of you in your search for debt freedom.
Here are some basic tips for finding the best Debt Settlement Company:
Tip 1: Research a lot on different Debt Settlement companies
Performing research on all the different Debt Settlement companies you are interested in can often help you in finding the best debt settlement company for you. While researching, make sure to check two important aspects for all considered companies:
i. Accreditations of company The best Debt Settlement companies are usually accredited (not simply a member) with either:a) The Association of Settlement Companies (TASC)b) United States Organization of Bankruptcy Alternatives (USOBA)
ii. Reputation of the company While reputation does play an important factor in the decision making process, you have to make sure you are looking in the right places. For example, many people feel the BBB might be a good place to start; however, nothing could be farther from the truth. Unfortunately, the BBB does not yet recognize Debt Settlement as an industry. This is due to, in my opinion, being poorly informed about the effectiveness and success rate of debt settlement programs. As a matter of fact, the BBB has a rating scale that is skewed to give all Debt Settlement companies a D or F rating just for the industry they belong to. This is a disservice for consumers, because it does not allow consumers to distinguish between the best Debt Settlement companies and those that are less then desirable. For consumers that are really wanting to do research to select a qualified Debt Settlement company, a great place to start is The Association of Settlement Companies website, which is http://www.tascsite.org TASC is an industry trade association and watchdog that enforces a strict code of standards and requires extensive disclosures of its member companies. Further, companies are monitored through a third party monitoring program to make sure the Debt Settlement companies are consistently upholding the high standards that TASC requires of its members.
Tip 2: Ask for sample settlement letters
The best Debt Settlement companies are always able to provide, recent, sample settlement letters to help demonstrate the services they are able to provide and typically have IAPDA certified Debt Arbitrators on staff to help in the negotiation process. An IAPDA certified debt arbitrator is required to maintain a strong understanding of the rules and laws governing the Debt Settlement industry and fully understand your current financial obligations. The best Debt Settlement companies will always have IAPDA certified arbitrators on staff.
Tip 3: Choose the best Debt Settlement Company
The best Debt Settlement Company will not only help you get out of debt, but also help educate you on how to stay out of debt in the future and provide you with information and budget materials for living a debt-free life. The best companies in the Debt Settlement industry typically help their customers to remain debt-free by providing moral support, continuing education and helpful guidance, when necessary.
Tip 4: The best Debt Settlement companies will help you with fees and payment programs
If you come across financial problems, while in a debt settlement program, and have trouble in making ends meet, the Debt Settlement Company should be able to, from time to time, help try to get you back on track. They should be more than happy to work out a customized solution to your problem.
These tips will help you in finding the best Debt Settlement Company for your particular needs.
