Very few debtors who are drowning under a crushing debt burden realize the fact that there is a solution of eliminating their debt, an approach that will let them control money and not let money control them. The solution is debt negotiation which is more popularly known as debt settlement in the US. Although there are too many complaints against this particular debt relief option, yet if you can work with an authentic and trustworthy debt settlement company, you can indeed pave your way out of the vicious cycle of debt. Just imagine the situation where you could pay back an amount that is much less than what you owe. It would indeed be a pleasant dream for you and you can realize this dream by getting help from the debt settlement companies that offer you with effective negotiation services. Many people are skeptical about the services offered by such companies as they feel that they might not work but when you have a professional debt negotiator working on your behalf, things can be possible.
Getting help from a trustworthy debt settlement company
With the increase in the number of financially hapless debtors who are desperately looking for debt relief methods, there is a simultaneous rise in the number of scam debt settlement companies whose sole motive is to cheat the helpless debtors and run with their money. Before you get help from any debt settlement company, you should check its accreditation with the BBB, the fee structure that they charge you and whether or not they demand upfront fees before even reducing a portion of your debt amount. Complain about any unethical company to the FTC so that solid steps can be taken against them. You might check out ovlg reviews to know more on the trustworthy debt settlement companies.
Services offered by the debt settlement companies
Before you take the plunge into settling your high interest credit card debts, take a look at the services that you might expect from a standard company.
- Assessment of your current financial state: If you seek help of an authentic debt settlement company, the debt consultant should initially check your current financial state so that he knows where exactly you stand. He will check the total amount you owe your creditors, the interest rates, the penalty charges you’ve accrued and the due dates.
- Negotiate with your creditors: He will then negotiate with your creditors and relate your situation so that they may come to know the financial hardship that is keeping you from making the monthly payments towards your multiple debt accounts. You can stop contacting them as this is the task of your debt consultant.
- Convince creditors about a principal waive off: The debt consultant, after assessing your affordability will convince the creditors about a principal waive off so that it becomes easier for you to repay the remaining balance. He will settle at an amount that might be beneficial both for you and the creditors.
- Open a trusted account: It is the duty of a credible debt consultant to open trusted account for you so that you can deposit the monthly payments in this account. Both you and the debt consultant will have access to this account and you should even have the right to withdraw funds from this account.
- Single monthly payment structure: The repayment structure will be altered through the effective negotiation of the debt consultant with the creditors. You will then require repaying the remaining amount conveniently through single monthly installments. In case you have enough funds, you can even make a lump sum payment.
So, when you’re about to seal the deal with a debt settlement company, make sure you’re aware of the services that they ought to offer you. Don’t settle for anything that sounds too good to be true as this can boomerang you in the long run.