September 12th, 2009 by debtelimination
Debt settlement is the best option for a person who is stuck with a huge credit card debt. The important thing here is that while choosing a company, a lot of care has to be taken. Debt settlement companies should be compared before finalizing on one. It is important to know how to differentiate between a legitimate and a fraud company. Some points that should be looked upon are:
- You have to know that no creditor will forgo most of your debt. So check out that the debt consolidation company mentions that to you and not only promise that all your unsecured debt can be settled for amount less than what you owe them.
- If your credit card debt settlement company tells you that they can remove all the negative information from your credit report. The first thing is that this cannot be done easily and even if this is attained this is illegal. So be ware as to what you get yourself into.
- If your company tells you that even if you do not repay the debt the company will not sue you, this is not true in all cases. The debt bill consolidation company can and will sue you if the debt is of a large amount.
- If your company asks you to stop communicating or making any payments to the creditors.
This can only get you in trouble since not repaying anything only means late fees charges and this would affect your credit score.
It is essential that you compare some companies and find one that will offer good consumer debt relief options and Debt Settlement Programs. If you read the company reviews, it can give you an idea of the company. Now even online services are there which offer to find you such Debt Relief Programs companies. Instead of going directly to a debt settlement company, get into the network, which is also affiliated with genuine debt management companies.
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This entry was posted on Saturday, September 12th, 2009 at 1:19 am and is filed under Financial Markets, Financial Planning, World. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.