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Wednesday, October 28, 2020

Things to remember while choosing a debt relief firm

Posted by admin on November 19, 2010

You are knee deep in debt, juggling with your credit card balances and have huge medical and other bills to meet. You are feeling at your wit’s end, maybe facing creditor harassment and wish to get some help. Well, you need not worry because there are thousands other in the same boat with you. Growing debt problems are propelling more and more consumers to seek help from debt relief companies.

But amidst all, it is also worth mentioning that increasing number of debt relief scams are affecting thousands of debt-stricken consumers across the US. In many cases it has been found that the scam debt relief providers coax the debtors into relief programs with false promises and bright hopes of debt relief success stories. But what the debtors achieve by the end of the program is more and more debt and no fruitful solution.

While scam debt relief companies abound, there are also a whole lot of credible and reputable debt relief companies that are ready to extend their help to you. Here are a few things that you need to remember while choosing a debt relief company so you can avoid getting into scams:

• First, check if the company is accredited by the Better Business Bureau (BBB). Also find out if the company is recognized by any other pro-consumer group. Such credentials assure that your debt issues are in safe hands.

• Find out what kind of charges the company is asking for. If the company demands upfront fees, then avoid it right away, because under the new FTC guidelines no debt relief company is allowed to charge you with any upfront fees.

• See if the company is providing you with a transparent deal where all the terms and conditions are clearly mentioned. If you find anything shady about their approach, cancel the option immediately.

• Check if the company has a history of successful debt relief services. Ask the company representatives to provide you with testimonials and case studies that corroborate the company’s reputation and achievement. If the company is reluctant to provide you with same, then it is better to look for other options.

• Find out if the company has reputable lawyers and competent debt arbitrators to work on your debt issues. Check if the debt arbitrators are certified the International Association of Professional Debt Arbitrators (IAPDA) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA). If the company does not have these, perhaps it is not worth putting faith in.

• Find out what your family, friends and acquaintances have to say about the company.

• Google the company’s name and get information and testimonials related to the company on various on-line discussions.

Anxious consumers, steeped in debt, are the ideal victims for the scam debt relief companies. So, it very important that you be cautious even in your toughest of times and prevent yourself from getting vulnerable to the fraudulent companies. Be a little careful and you are sure to get hold of a genuine debt relief firm that will get you out of your debt troubles.