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Choosing an Experienced an Qualified Debt Settlement Representative
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Posted On :
Dec-04-2011
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Article Word Count :
510
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Do your homework up front when hiring a debt settlement law firm or debt settlement company to ensure that you are making a wise decision. Important considerations include credentials and registrations including the BBB, make certain you find out about licensing as well. A good debt settlement firm will not charge you for the initial consultation and provides you with as much information as you need right from the start.
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Debt settlement law firms and debt settlement companies work to help you get out from under crushing levels of debt. They work closely with your creditors to reduce the amount that you owe, putting you in a position where credit accounts can actually be paid in full for less than what you owe going into the process. The process typically takes about three years and it should only be done through qualified attorneys or agencies. Here is what you need to know about finding a great debt settlement company or debt settlement attorneys who can help you accomplish your goals.
Honesty
Unlike bankruptcy and some other options, there is no guarantee that the process will work with every creditor. Debt settlement attorneys or a settlement company will be honest about this fact. While an experienced company will be able to provide you with information regarding past settlements and what they know to be effective, they wonÕt actually make any promises. The program works best with larger debt levels, and a qualified business will be upfront and honest about your chances for success. Be wary of any business or attorney who makes verbal guarantees regarding the success of the program for you.
References and Credentials
The process is confidential, but a qualified attorney should still be able to provide you with references. Check with the StateÕs Attorney General and the Better Business Bureau to see if there are any complaints against the company.
Free Consultation and Fees
The company will charge you fees for the debt settlement services. They should not be charging fees for the initial consultation. When it does come to discussing fees, look for companies that charge their fees based on the original credit balances or the amount that they are able to reduce those balances by. They should not be charging you based on the amount of debt after creditors have tacked on fees and other charges. All fees should be fully disclosed before any contract is signed so you can make an informed decision.
Insured and Bonded
Any debt settlement law firm or company you work with will have access to your sensitive information, including social security numbers and date of birth. Choose a company that is insured and bonded so you will be covered in the event of identity theft.
Control of the Money
One key aspect of settlement negotiations is that payments are put into a trust account. This trust account, however, should not be held by the company. It should be in your name in your own savings account or at a third party bank in your name. Either way, the funds should remain under your control at all times.
Choosing to work with creditors to settle the debts for lower amounts can help you get out of debt faster. ItÕs easier than bankruptcy and will allow you to keep all of your assets such as vehicles and houses. Choosing an experienced negotiator such as a debt settlement attorney, is an important part of the process.
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Article Source :
http://www.articleseen.com/Article_Choosing an Experienced an Qualified Debt Settlement Representative_113936.aspx
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Author Resource :
A debt settlement attorney uses the protections found in state and federal consumer laws and extensive experience in consumer law in the credit and debt industries to offer a wide variety of affordable debt settlement solutions and other consumer financial legal problems.
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Keywords :
debt settlement, debt settlement company, debt settlement attorneys,
Category :
Finance
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Debt Consolidation
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