Hello Readers, and I hope the upcoming 4th of July holiday is both safe and excellent for you and your family.
One of my readers has written an article which is quite useful, and I encourage you to read it and pass it along to your friends. Debt settlement companies are springing up like mushrooms in a swamp, and so many of them are “fly-by-night,” taking a consumer’s hard-earned money with a high retainer and delivering no results. (*sound of spitting something disgusting out of my mouth*)
Remember that debt settlement is generally preferred to bankruptcy from a credit reporting standpoint. While debts settled for less than full amount will be reported as derogatory to the credit bureaus, these derogs are nowhere as bad as a Chpt. 7 or a Chpt. 13 bankruptcy. So, this is information worth knowing.
My blogger friend, Teresa Smith, has provided a very useful article to assist consumers select out the good apples from the bad ones. Here’s Ms. Smith’s article, and I hope you enjoy it and find it useful:
How to Choose a Legitimate Debt Settlement Company
Are you submerging in pool of debt? Is your utter financial crisis compelling you to file insolvency? Are you not finding another option to make your way out of debt instead of filing bankruptcy? If this is the problem, you can consider a debt settlement program to get rid of your outstanding debts.
A legitimate debt settlement company can help you in this regard. However, before approaching any debt settlement company, be an aware consumer first. Before signing with any debt settlement company make an extensive market research and also make sure you do ask the following questions.
1. Is the debt settlement company accredited by The Association of Settlement Companies (TASC)? You can rely on any debt settlement company that is accredited by the TASC. Before providing any accreditation, TASC thoroughly investigates the company’ performance, competence and capabilities.
2.How much does the company charge? Are the rates reasonable? Make sure that the rates are realistic and affordable to you. You might face problems if you join the program without evaluating your monthly income and expense.
3.Does the company have IAPDA certified debt arbitrators? An IAPDA certified debt arbitrator has a solid understanding of the laws those govern the debt settlement industry.
4. Is the debt settlement company associated with the local Chamber of Commerce? If so, is your local Chamber of Commerce is a member of the Chamber of Commerce of the Unites States? These affiliations certainly help to build trust.
5.Does the Better Business Bureau (BBB) affiliate the debt settlement company? If yes, what is their rating? To me, the BBB is the best entity who truly observes and properly rates the debt settlement companies. Apart from this, you can also check out the website of the Association of Settlement Companies (TASC) to know if the company is a current member. TASC is such a watchdog that enforces strict code of conducts to its member companies. Further, TASC constantly monitors its member companies through a third party “secret shopper” program to ensure they maintain the accepted standards.