The Best Debt Settlement Program
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
The best debt settlement program is one that has your best interest in mind and not their own. Some debt settlement programs are very effective in helping you get out of debt quickly, while others put you on the fast track to bankruptcy. So how do you choose the right one?
An interesting article came out last week in an industry newsletter titled “Debt Settlement Companies Largely Ignored by Banks.” The article went on to explain that banks do not particularly like most such companies because of the wall that many of these companies put up between the bank and their clients.
Many debt negotiation companies will send cease communication letters to all of the creditors of a new client. These letters are what was referred to as “the wall” in the article. When a consumer sends a cease communication letter to creditor it typically will stop the creditor from calling, however, it is likely to trigger a lawsuit a few short months down the road.
Knowing that sending these letters will certainly upset the creditor and increase the likelihood that their client will be sued, why do so many settlement companies continue to throw up this wall between the client and the creditor. I think the best way to figure this out is to determine who benefits.
Turns out only the companies benefit in this case. Sending out these letters will give the client a short term benefit with a potentially bigger long term problem. Most debt settlement companies will want to collect the entire amount of their outrageous fee from their clients within the first 12 to 14 months. Did you catch the benefit? They will be able to collect all of their fees when their clients are nice and happy that all of the phone calls have stopped. And they most likely will have been paid in full before the ramifications of their actions come to light.
So make sure your debt settlement program puts your interests first. If you are seeking debt relief and are in a financial situation where debt settlement is your only option other than bankruptcy, then make sure the plan that you are going to follow makes sense for you. Remember, settlement is a negotiation. Creditors are willing to work with clients in certain financial situations. Cutting off the line of communication is the wrong approach to successful negotiation. If you are researching settlement companies for assistance and they tell you that they will send letters and make sure the creditor never calls you, then run the other way.
For a new free video from a reputable and trustworthy debt settlement company, follow the link above right for instant access to this video. You owe it to yourself to do the research and Damon tells it like it is. His company is hands down the best debt settlement program out there.
Filed under: debt settlement
