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How Can I Choose A Debt Settlement Company?

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Published: 10Mar2012
Word count: 1690
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Deciding you're going to undertake a debt settlement is a huge choice to make in your life. While debt settlement isn't a magic bullet cure for credit problems, it offers a significantly better option than declaring bankruptcy. If you're going to seek debt settlement with your lender then you need to decide whether you're going to negotiate the settlement yourself, or if you're going to work with a debt settlement company. There are pros and cons of both, though for most people working with a debt settlement company is the superior option.

Attempting to negotiate a debt settlement on your own is possible, but it's extremely difficult for a variety of reasons. Most people have little to no negotiating experience. They neither feel comfortable negotiating or have any skill or training in the matter. Furthermore, most people find the notion of negotiating frightening and consider their lenders very intimidating. This combination of negative factors leads many people to never even attempt negotiating a debt settlement, and to cave in quickly to their lender's demands if they do work up the courage to make the call. While it's certainly possible to negotiate a debt settlement on your own, and while some people have been able to do so successfully on their own, the majority of people are better served working with a debt settlement company.

Deciding to work with a debt settlement company is a wise move but it isn't one that should be rushed. Working with the wrong debt settlement company can put you into worse financial shape than you were when you were on your own. The wrong debt settlement company will charge you a small fortune in fees without guaranteeing a successful resolution in your case. The wrong debt settlement company will convince you to damage your credit beyond repair before they even start to speak on your behalf with your lender. The wrong debt settlement company will see you as nothing more than a dollar sign and won't care whether you're able to get out of your poor financial position or not.

When you decide to work with a debt settlement company it's wise to take your time to pick the right organization. One of the best ways to determine whether a debt settlement company is worth working with or not is whether they comply with the No Advance Fee requirement set forth by the Ftc. This ruling makes it illegal for a debt settlement company to collect advanced fees in order to look at your case, to provide you with consultation, or to otherwise begin working with you. There are certain tricks some debt settlement companies use to try and circumvent this amendment (such as saying you need to buy a book or take a special course before they will work with you) but legally speaking debt settlement companies are now ONLY allowed to collect the equivalent of a commission on the debt they settle for their clients.

Take the time to find the right debt settlement company to work with; one that complies with the No Advance Fee requirement. The right debt settlement company will provide you with a significantly larger settlement then you could ever hope to acquire on your own, and they will make the entire process and stress free and pain free as humanly possible.

David Lindell is a debt negotiator with http://eDebtSettlementCompany.com. He works directly with all major creditors on behalf of his clients. All settlements are presented without any up-front fees. His debt settlement company offers free debt and financial hardship analysis for anyone considering debt settlement.

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