Debt Settlement - How to Find Legitimate Companies - Use Online Tips
Some tactics of debt settlement companies deserve praise for sheer cheek.
Fraudulent settlement companies simply promise that the individual can secure a fifty to seventy percent waiver without getting any information regarding the debts owed by the individual.
They demand a list of the unsecured lenders from whom the borrower has taken loans.
This is ostensibly done to check whether the settlement company has worked with these lenders in the past.
Once the list is obtained, the settlement company calls back after few hours and confirms that the company has indeed worked with the lenders in the past and is ready to take up the settlement negotiation process.
However, there are numerous instances where borrowers cross verify with lenders only to discover that they have never heard of such settlement company.
By this time, it is too late and the settlement company has withdrawn bulk of the fees from the escrow account.
How to overcome this problem? You should simply ask the settlement company how it promises a fixed percentage of settlement when it does not even know the total amount owed? Further, how can such promises can be made if the settlement company has no idea from whom the money has been borrowed? The answers to these two questions would be nothing more than gibberish.
You should simply hang up and use the World Wide Web to find reputed settlement companies.
Rather than advertisement seen on the television, you should check out debt relief networks that help you find reputed companies situated close to you.
For starters, you would not be dealing directly with the company.
Rather, you will be dealing first with the network that will help you get in touch with a large number of service providers.
Secondly, the reputation of the network will not survive if any company turns out to be fraudulent.
This is an added buffer that will protect you along with the various trader web sites like that of The Association Settlement Companies and US Organization Of Bankruptcy Alternatives.
Another significant advantage of this approach is that you will have a list of service providers.
If you are not confident about the quality of service provided by one, you can always move on to the next.
You can also use this advantage to lower the cost of the service.
This will prevent you from becoming over defensive in your approach when negotiating with the settlement service provider.
Fraudulent settlement companies simply promise that the individual can secure a fifty to seventy percent waiver without getting any information regarding the debts owed by the individual.
They demand a list of the unsecured lenders from whom the borrower has taken loans.
This is ostensibly done to check whether the settlement company has worked with these lenders in the past.
Once the list is obtained, the settlement company calls back after few hours and confirms that the company has indeed worked with the lenders in the past and is ready to take up the settlement negotiation process.
However, there are numerous instances where borrowers cross verify with lenders only to discover that they have never heard of such settlement company.
By this time, it is too late and the settlement company has withdrawn bulk of the fees from the escrow account.
How to overcome this problem? You should simply ask the settlement company how it promises a fixed percentage of settlement when it does not even know the total amount owed? Further, how can such promises can be made if the settlement company has no idea from whom the money has been borrowed? The answers to these two questions would be nothing more than gibberish.
You should simply hang up and use the World Wide Web to find reputed settlement companies.
Rather than advertisement seen on the television, you should check out debt relief networks that help you find reputed companies situated close to you.
For starters, you would not be dealing directly with the company.
Rather, you will be dealing first with the network that will help you get in touch with a large number of service providers.
Secondly, the reputation of the network will not survive if any company turns out to be fraudulent.
This is an added buffer that will protect you along with the various trader web sites like that of The Association Settlement Companies and US Organization Of Bankruptcy Alternatives.
Another significant advantage of this approach is that you will have a list of service providers.
If you are not confident about the quality of service provided by one, you can always move on to the next.
You can also use this advantage to lower the cost of the service.
This will prevent you from becoming over defensive in your approach when negotiating with the settlement service provider.
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