Debt Settlement- Options To Avoiding Bankruptcy

Jan. 26, 2008 - PRLog -- The most important thing you can do when making the decision get help with your debt related problems is to be an educated consumer. It is  critical to do your research. Do not rush into things; this will cause more harm that good. Make sure you ask the following questions and consider their responses prior to signing on with any Debt Settlement company:

* How much does the service cost? When choosing a solution for debt relief, it's important to make sure the program is something that's affordable and realistic.  If you can't afford the program and join anyway, you're are just causing more long-term financial problems for yourself; however, if you are able to meet the monthly financial requirements of the program, Debt Settlement is a great form of debt relief for unsecured debt. Most people don't realize that Debt Settlement is the quickest and least expensive form of debt relief outside of bankruptcy.

* Does the Debt Settlement Company you are considering report to any of the three major credit bureaus about your enrollment in their program? As a non-creditor, debt settlement companies do not report to credit bureaus. Should you find that the company you choose does report, they most likely are a CCCS Company. Creditors are required by law to report the current and past payment history of your account. Debt settlement will have an impact on your credit score, but in most case your credit has already take a hit based on your debt load.

* Does the debt settlement company offer any type of service guarantee? If so, what is the guarantee? If a company can not get settlement on your debt, you should never have to pay a fee, or the fee should be fully refunded. Additionally, steer clear of any debt settlement company that promises a quick fix to your debt related problems or tells you that debt settlement will not have a negative effect on your credit. Upon enrolling in a debt settlement program, your credit score will probably get worse before it gets better. This is a minor price to pay for being given a substantial debt settlement and not having to file for bankruptcy! However, it is important to realize that if you want to maintain a "good credit rating", you have to pay your bills on time; anything else will cause your credit score will suffer.In most cases in order to qualify for debt settlemetn your going to already be late on your creditor payments, thus you don't have a credit report, you have a debt report.

* Does the debt settlement company you are considering have IAPDA certified debt arbitrators? IAPDA certified debt arbitrators possess a solid understanding of the laws governing the Debt Settlement industry and fully understand your current financial situation.


* Does the debt settlement company you are considering belong to the local Chamber of Commerce? If so, is the Chamber an accredited member of the Chamber of Commerce of the Unites States? This type of affiliation will help ensure that the company is conducting business in a proper manner.

* Is the debt settlement company you are considering a member of the Better Business Bureau? If they do not advertise this, you can always inquire with the BBB first. The BBB is a great way to determine if the company has a list of prior complaints. Any company with more than a few complaints per year is a company that you do not want to do business with.
In most cases, the BBB wil n ot allow a for-profit financial manager to be a member. They will only have information if there have been complaints filed.

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Absolute Debt Solutions was established to make a positive impact in people's lives by freeing them from the burden of debt. The debt management programs we can offer are designed to help people become, and continue to live debt-free. We do not and never will outsource, sell or share your protected information, and are committed to providing all of the information, support and guidance you need.

Website: www.absolutedebtsolutions.com