Selecting a Debt Settlement Company

Today, there are number of companies in the market offering debt relief programs so one needs to be very careful while selecting a company for debt relief program because if the company don’t do their job efficiently; customer will end up losing thousands of dollars.

Following few aspects should be taken into consideration

1: Is the agency licensed?

Number of states requires that a credit counseling organization/debt settlement company Should register it and or obtain a license before offering credit counseling, debt relief plans and similar services. Do not appoint an organization that has not satisfied the requirements for your state.

2: Financial freedom for ever

Think outside your urgent credit/debt problems and find out if the company will offer you advice on avoiding financial problems in the future also.

3: Privacy and Security

Security practices are very important. What on the subject of privacy and security? What guarantee do you have that the agency will keep your information confidential? If agency does not have any security policy or if you are not satisfied with the policy; you should not appoint the company to work on your behalf.

4: Written communication

Ask for verbal promises in writing. An agency that offers formal written agreements or contracts should be given the priority. Circumspectly read through the terms and conditions of agreement or contract. It should explain in straight-forward fashion the services to be performed; the payment terms for these services, as well as total cost; time period it will require to attain results; any guarantees offered; and, the counselor's name, business name, address and contact information.

Today there are number of companies offering debt relief programs; before hiring any of them get the information from as much companies as possible compare services, prices quotes, guarantees, experience, etc and select the one seems to be more reliable.

you can visit our site here.

If you are looking for debt settlement; you can either shoot us an email at help@mydebtsettlementhelp.com or fill a short form here with your financial situation and one of our debt settlement specialist will get in touch.

How Debt Settlement Works

The only way to get your finances back on track is making payments of your bills on time and getting debt free. Below is a list of 7 steps on how to lead a debt free life

Step 1: Acknowledge that you are in debt problems

The foremost step towards a debt free life is to admit that you are in debt. Leaving bills and dues unpaid and circumventing creditor’s calls isn't the solution to your debt problems. In reality it makes the circumstances even worse. However, the truth that you're evaluating this article implies you have already acknowledged that you are in debt and you're ready to for the next step.

Step 2: Look for professional help to get out of debt

Get professional assistance from a consolidation or settlement company. If you are looking to get lower rates and consolidate you’re all the bills into a single monthly payment, then debt consolidation program is the correct option for you. However if you are looking to decrease the outstanding balance, then settlement program would be more beneficial.

Step 3: Get free counseling to get you out of debt

The consolidation/settlement organization will offer a no-obligation free counseling session. In this counseling, an advisor will examine your financial state of affairs and advise the right debt solution for you. Get this consultation from couple of good companies; compare what they have to offer and make a decision which company you want to work with. To get his task done easily, you can prepare a list of your debts/bills. Next to each of your dues, put down the name of the creditor, the total amount you owe, the rate of interest and monthly payment. This will give the consultant a better picture of your financial standing.

Step 4: The advisor prepares a monthly budget for you

Depending upon on the total unsecured debts you owe and your monthly earnings, the advisor will help arrange a monthly budget for your expenses. This helps to find out how much you are left with after paying your utility bills and other expenses. The amount left over will be used to pay off your dues.

Step 5: The advisor negotiates with your lenders

In debt consolidation program, the advisor negotiates with the lenders/collection agency in order to reduce your rates and monthly payments. However, if you are looking to settle debts, the advisor won't negotiate for lower rates. Rather, he'll talk to your lender about decreasing your outstanding balance.

Step 6: Start making payments

You will now start making monthly payment to the consolidation company which distributes the amount amongst your lenders. This goes on for 2-6 years till you get debt free.

In case of debt settlement, you'll have to stop payments to your lenders and make monthly payment to the settlement company. The payments mount up into lump sum cash after months. The lump sum amount is then paid off to the lender/collection agency.

Step 7: Say a big 'No' to any new credit card/loan

While you consolidate or settle debts, make sure you don't apply for any type of credit/loan. Otherwise, it will be difficult for you to get debt free.

you can visit our site here.

If you are looking for debt settlement; you can either shoot us an email at help@mydebtsettlementhelp.com or fill a short form here with your financial situation and one of our debt settlement specialist will get in touch.