As a consumer, do you feel like the title of the 1961 Broadway play, “Stop The World – I Want to Get Off.” This is how many consumers are feeling with their mounting debt based upon financial hardship..
One of the alternatives to this situation is to consider a debt settlement company. The consumer is wondering how these companies know of their financial situation. Basically, these companies have established credit parameters with the various credit companies and receiving list of names and addresses such as, debt over $10,000 or high balances whether you are current or not on your payments.
So what should the consumer do about their financial situation? The consumer should ask the debt settlement company the following:
• What are your proven strategies?
• What is your success rate?
• Are you listed with the Better Business Bureau?
• How long have you been in business?
The consumer should be aware that if they try to negotiate with a lender on their own. The lender in some cases will not talk to the consumer unless they are already 60 to 90 days delinquent. If you are already delinquent this is going to hurt your credit score and can not be blamed on a debt settlement company.
One of the key’s in using a debt settlement company is establishing:
• The consumer has some ability to pay a set amount each month
• That the debt settlement program is sound
• That the consumer is aware of all fees involved in a program
• That a debt settlement is better than a charge off on their credit report
• The consumer needs to be upfront with the debt settlement company about their financial situation
• The consumer needs to stay in involved in the process.
The consumer needs to remember it is their responsible. There is no quick fix for solving the consumer’s debt issues. However, there is a way out of this situation. Contact our debt settlement expert today to discuss your options and get started on your pre-approval.
