Debt Settlement Companies – 4 To Use

September 23, 2011

Debt Settlement Companies

Debt settlement companies can provide you with great benefits when it comes to your credit card debt, like reducing your loan debt substantially as well as be able to eliminate your debt in a couple years instead of a couple decades. Settlement, also known as arbitration, is done when debt settlement companies negotiate a reduced amount for you to pay off with your creditors and take a percentage.

debt settlement companies

There are many great debt settlement companies out there that you can utilize on your question of debt elimination. We have 5 great debt settlement companies that you can use asap that are described below. To get you more familiar with debt settlement, we will also provide you with how to choose a good debt settlement company as well as the pros and cons that the act of debt settlement can provide you.

4 Debt Settlement Companies

  • Premier Financial – This one is considered to be the best out of all the debt settlement companies and boast benefits of being able to reduce debt by up to 50 percent, no fees at all for settlement and is a company that was founded by a lawyer and they know all of the laws dealing with settlement in all 50 states.
  • Forgetunsecureddebt.com – This is another highly reputable option when it comes to debt settlement companies. Benefits of Forget Unsecured Debt is that they offer elimination of debt in as little as 12 months, no fees for consultation as well as very competitive prices when it comes to service.
  • Cura Debt – Another great option for debt settlement companies to use. Cura Debt offers benefits like enabling up to get up to 40 to 70 percent off debt, get out of debt in as little as a couple of years, money back gaurantee as well as competitive fees at 59 dollars per month.
  • Impact Debt Solutions – This option offers an average debt reduction of around 40 percent, has some of the lowest fees in the industry and has had zero complaints against their service over the past three years.

Debt Settlement Companies – What To Look For

  • Debt settlement companies that are reputable and accredited will be included in the Internal Association of Professional Debt Arbitrators (IAPDB), or accredited by the The Association of Settlement Companies,
  • Avoid the use of debt settlement companies that weren’t established by lawyers, as often times these people aren’t very well versed in laws.
  • Also when looking for debt settlement companies, be sure to find one that doesn’t require that you pay a service fee unless they do get a settlement on your debt, or gives a refund if their attempt fails.
  • Look for service fees that are consistent with what you can afford each month, and better yet search for a company that charges based on the results that they produce for you. So when it comes to payments, look for finding a company that doesn’t require that you pay up front but when they produce the results that they are promising. This will enable you to both make sure they are going to produce as well as proving that they are a reputable company worth dealing with.

Debt Settlement Companies Pros & Cons

PROS

  • Payment reductions by up to 50 percent or more.
  • When you start service with debt settlement companies your credit report will not have a delinquent account listed on it anymore.
  • This method is probably the fastest solution to getting you out of  debt.
  • You don not need to pay for a lawyers services as well as it will enable you to avoid bankruptcy.

CONS

  • When you pay off yours debt, it will come up on your credit score as a settlement instead of a full payoff which can have a negative effect on your credit score.
  • You have to pay taxes on what the settlement company saved you. So if you initial debt was 18,000 and they saved you 8,000 you will have to pay taxes on this 8,000.
  • It will not work unless you are either way behind on your payments or you have stopped paying completely.
  • Many debt settlement companies only offer settlement on certian types of debt.

 

 

Category: Debt Settlement Companies

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