1.) If a debt settlement company approves you on the first phone call with out even seeing your creditor account information.
These companies are just telling you what you want to hear. You have to qualify and that requires proof, not just you telling them about your debt.
Make sure the debt settlement you choose has you proof your debts and your situation to qualify for debt relief hardship programs. Only certain types of debts qualify and will even settle, others will not. The debt relief service you choose should have a large network of creditors that they already work with, to provide the best service. That way they know they can help you and actually settle the account the way they claim to.
If your company just approves you and doesn't know all about your account and the creditor it is with, then how do they know they can settle the account for you.
2.) A debt negotiation company has you pay all their fees upfront.
This is a big issue, and happens a lot, companies will require you to pay upfront all fees, and even sometimes in the first phone call when you first talk to them. These companies can end up just taking your money and not providing you quality service.
Make sure the company you choose spreads out it's fees, to work with you and show that they back up their services.
3.) A company has you deposit money into your own savings account that you have or set-up on your own.
Watch out, because it is much easier for a company to walk away and they write you a letter after 6 months or so saying: "sorry we weren't able to settle your debts" and they keep your fees.
Make sure your debt settlement service uses a safe, secure, FDIC insured bank, for a special purpose account to keep you money in trust, to protect yourself.
These companies are just telling you what you want to hear. You have to qualify and that requires proof, not just you telling them about your debt.
Make sure the debt settlement you choose has you proof your debts and your situation to qualify for debt relief hardship programs. Only certain types of debts qualify and will even settle, others will not. The debt relief service you choose should have a large network of creditors that they already work with, to provide the best service. That way they know they can help you and actually settle the account the way they claim to.
If your company just approves you and doesn't know all about your account and the creditor it is with, then how do they know they can settle the account for you.
2.) A debt negotiation company has you pay all their fees upfront.
This is a big issue, and happens a lot, companies will require you to pay upfront all fees, and even sometimes in the first phone call when you first talk to them. These companies can end up just taking your money and not providing you quality service.
Make sure the company you choose spreads out it's fees, to work with you and show that they back up their services.
3.) A company has you deposit money into your own savings account that you have or set-up on your own.
Watch out, because it is much easier for a company to walk away and they write you a letter after 6 months or so saying: "sorry we weren't able to settle your debts" and they keep your fees.
Make sure your debt settlement service uses a safe, secure, FDIC insured bank, for a special purpose account to keep you money in trust, to protect yourself.
Article Source: http://ezinearticles.com/?expert=Jeff_T_Forman |
Article Source: http://EzineArticles.com/922455
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