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With consumer debt on the rise, many consumers are looking for resources for a legitimate debt settlement. Since the economy has faltered, there are many debt settlement services that are cropping up offering extravagant promises of debt relief, only to leave their clients flat when it comes time to deliver on those promises. These pitfalls can be avoided with a little research and preparatory work before deciding which is the best debt settlement company to handle your situation.
A legitimate debt settlement company will usually have professional credentials and certifications that tell consumers they have been evaluated for their practices and been found to provide ethical and professional services to their clients. There are several professional affiliations that a legitimate debt settlement company should have. One of those is accreditation by The Association of Settlement Companies (TASC). A TASC accreditation is verified by a third party and ensures that the debt settlement company’s business practices are legitimate and are in adherence to industry ethical and professional standards. Many legitimate debt settlement companies will display evidence of this accreditation on their websites.
Legitimate debt settlement companies will also be members of the Better Business Bureau. Consumers can find information about a particular company on the Bureau’s website or by giving the Bureau a call. They can find out about the company’s track record with other consumers, and find out if there have been any complaints about services or fees. The Better Business Bureau is committed to providing consumers with accurate information about legitimate debt settlement companies and is a good resource when investigating which company is right for you.
When you are searching for a legitimate debt settlement company, they should be able to provide you with case studies and actual examples of cases similar to yours where they have resolved the debt issues. They should not shy away from providing you with information on past success and if you ask for samples of their past negotiation with creditors and documentation of their negotiation process. A legitimate debt settlement company will be more than happy to comply with your request.
It is also important to examine the types of claims a company makes in terms of the amount of debt settlement they can achieve for a case such as yours. Many companies make generalized claims that they can offer settlements that are pennies on the dollar of the original balance. This should be a red flag, as each case is unique and there is no set percentage they can guarantee. A legitimate debt settlement company will offer you realistic expectations based on your particular situation and will guarantee their services or refund their fee if they cannot achieve a debt settlement in your case.