How To Choose A Debt Settlement Company

With the downturn in the economy many fly-by-night debt settlement/debt negotiation companies have cropped up.  If you are shopping around for a debt settlement company be careful.  It seems with each passing week I hear another horror story about a company that took a client’s money and ran.  Not to mention an increasing number of companies are being pursued by the Federal Trade Commission in connection with complaints filed by consumers.

I previously wrote about the Ten Questions to Ask When Evaluating a Debt Settlement Company.  Now, more than ever, it is critical that YOU ask these questions when seeking help from a qualified debt settlement company.  Do not take the word of the sales rep/debt consultant when calling a debt settlement company.  It will only take you a few minutes to do some research online to find out how long a company has been in business and what their Better Business Bureau rating is.

Remember that committing to a debt settlement program is a long-term relationship.  Avoid high pressure sales tactics and take your time in making a decision.

Technorati Tags: how to choose a debt settlement company, better business bureau, debt negotiation, debt relief, debt management

Know Your Rights!

If you’ve ever had to deal with a debt collector, then you would know it’s like stepping into a boxing ring for a fight against one of the toughest in the industry. Knowing just your simple rights as a debtor will prepare you for what could be a long, emotionally draining battle.

The Fair Debt Collections Practices Act (FDCPA) was created to help protect you, the debtor, against the unlawful and abusive tactics that these collection agencies practice everyday. Just knowing the restrictions that are placed on these collection agencies will prepare you when it comes to dealing with them directly. For more information on what a creditor can and can’t do, please visit:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm

Just remember, creditors are use to dealing with debtors who know nothing about their rights and therefore bully consumers into providing what they want. It is important that you stay strong and do not give into the creditors scare tactics. Do not be afraid to stand your ground and let creditors know that you are aware of your rights and ability to file official complaints with the Federal Trade Commission (FTC). The creditors are simply pushing you as far as they can, so do not be afraid to stand up for yourself.

Technorati Tags: ftc, federal trade commission, credit report, experian, equifax, transunion, free credit report

Newsflash: Bankruptcy Lawyers Say Debt Settlement is a “Trap to be Avoided”

But only “For Most.” How very magnanimous of them. But one needn’t look far into the article to identify Craig Andresen’s — Attorney at Law — inherent and absolute bias.

In the past several years, there has been dramatic growth in the visibility of so-called debt settlement agencies. These are firms which advertise their supposed ability to “cut your credit card payments in half,” or promise they can “settle” your debt for only a small portion of what you owe — without filing bankruptcy.

We’ve got “so called;” there’s a “supposed ability;” and how could we leave out the very scary “’settle.’” Well, Mr. Andresen, check for yourself. We actually publish our weekly and monthly settlement stats — even the “worst” settlement, which even you oughtn’t find all that scary, Mr. Andresen. What? Do you wrongly suppose that the concept of settling disagreements, disputes, or breaches of written or verbal contracts arose only after thousands of years of human interaction, only to be bestowed upon us lucky ones by the legal profession? Real people can’t arrive at settlements without a lawyer (or two or three…) in-between them, drafts upon drafts of legal documents; file endorsed to boot?

Well, I think that what Mr. Andresen really means by “For Most” is “None;” and “Never.”

[Read more]