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Sep 21

9 Things to Look for in a Good Debt Relief Company

Reading Time: 4 mins

It is not easy to find debt relief companies that are reputable. There are many debt relief scams out there, which makes it difficult for people to choose the right company. If you want debt relief help, however, the things listed below should be at the top of your list.


Check that the company is licensed, bonded, and insured

One of the primary things to look for in debt relief companies is whether or not the company has a license to practice. You should also make sure that it carries insurance and bonds, as this will protect you if something goes wrong with your debt settlement agreement.


Look at customer reviews online

Another good source of information about debt relief providers is their past customers who have taken the time to write a review about their debt settlement experience. In this case, take the time to explore online sources. In doing so, you will be able to find relevant reviews that will be able to help you come up with a sensible choice. Another thing is that you should look for debt relief companies that have several positive customer testimonials.


Make sure the company is qualified

You can determine whether or not a debt relief company is qualified by checking with state and federal agencies to see if they are in good standing, as well as verifying their accreditation status through the BBB. You may also want to find out if the debt relief company is a member of any debt settlement association, like NDRP (National Debt Relief Provider) or TASC (The Association for Settlement in Commerce).


Check their fees and rates

You should make sure that you are not being overcharged when it comes to debt relief fees and rates. You can compare debt relief companies online to get a good idea about their costs, as well as check with the state attorney general’s office for any complaints against debt relief providers in your area. Ask for debt relief companies’ rates and fees upfront. This way, you can get an idea of how much you have to pay them before committing yourself to debt settlement plans or debt management programs.


Make a comparison

Compare how long it’ll take to get your debt paid off with different companies. As much as possible, look for debt relief companies that have a lower debt repayment rate. This will allow you to save more money.

You can compare debt relief company fees as well. It’s important that your debt repayment plan is reasonable, so you should know if debt relief companies can provide one. This will affect how much money you have to pay monthly in debt repayment fees.


Ask about any guarantees or warranties offered by the company

There is also the option for you to ask if debt relief companies are willing to sign a contract. Make sure that you ask about the terms of their debt repayment programs as well. You can also ask if there is any sort of guarantee or warranty offered by these debt relief organizations, especially in terms of how they handle your hard-earned money and debt repayments.


Evaluate their customer service

Having excellent customer service is also a good thing to look for. When you search debt relief companies, make sure that they have friendly and supportive staff members who provide the best quality of services out there.


Take your time

You don’t need to settle for the first debt relief company that pops up on your screen when searching online. Take some time and do more research about different debt relief companies, so you will find the debt relief company that best fits your circumstances.

There are a lot of debt relief companies out there, but not all can provide excellent services and help their clients in debt repayment. It is only by researching these debt relief organizations first before signing up with any of them to ensure that they have met certain qualifications.


Make sure they have a solid reputation in your area

Also, make sure they have a solid reputation in your area. Not just online, but among debt relief professionals and legal experts as well. You should also keep an eye out for hidden fees or other charges that may be tacked on to the debt relief program you are looking at signing up with. This is especially common if they have a bad reputation because desperate people will do anything to get debt relief.

Think about looking into debt consolidation loans as well, if you are having a hard time finding debt relief companies that have good reputations. A debt consolidation loan will help to lower your monthly payments and make it easier for you to pay off all of your debts within three years or less. It is important to know what the interest rates are on debt consolidation loans before you apply so that you will know what to expect in terms of monthly payments.

This is when debt relief companies might try and get you signed up with a debt management plan instead. A debt management plan is just another word for a debt consolidation loan, which means they can charge you more money because there are fewer people to pay debt relief companies off.

It is important to do your research before you sign up with a debt relief company of any kind, so make sure you take the time to ask around and learn what others have experienced when working with debt relief companies in your area. The more information you can get about debt relief companies that are available, the better it will be for you and debt relief.

You’ve done your research and know what to look for when hiring a debt settlement company. Now you just need the right one! It’s important not just because they’ll be handling all your finances, but also because they’re likely playing an integral role in getting rid of the financial stress weighing on you right now. Finding the right debt settlement company can be a daunting task, but it’s worth doing your research to find one that will work for you.


Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.


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