Debt Settlement Questions

Debt settlement is a necessary tool in this economy. However, it has become rife with far too many less than reputable companies. Hence, it becomes mandatory to take precautions before you sign on the dotted line with any debt settlement company.

Precaution dictates any person in debt should ask questions as their first line of defense. Researching the companies would be the second line of defense. The following is a list of questions to ask to help you decide if the company is right for you.

Unfortunately, customers are usually left in the dark about what debt settlement is really about. For one, debt settlement does not happen overnight. It may in fact drag on for months or even years. You may even have to chase your debt settlement company for status updates, all the while receiving pesky calls from your collectors. Hence it’s no surprise to find yourself in deeper financial trouble than you started with unscrupulous debt settlement companies.

Will my money be deposited into a trust account?

Most of the established debt settlement companies will open up a trust account for you with a 3rd party trust account service. This is important because you know the monthly deposits you make to the company are still ultimately controlled by you through the account and your permission is required before any action is taken with your money.

What if I Have Bad Credit?

If you have bad credit, you’re not alone. Debt consolidation is available to people with poor credit histories. In fact, it’s designed to provide debt assistance to people with poor credit. Even if you have unpaid defaults, payment arrears, or have been rejected by a lender, you may still qualify for bad credit loans.

What is your main objective of having this plan?

Debt settlement only works best for you if you can really reduce the total amount you owe. The main objectives of settling debt are to reduce the total amount you owe in a faster way and improve the relationship between you and your creditors.

As an alternative to bankruptcy you might want to think about working with a debt settlement company. While sometimes a company will offer you a settlement without you asking, it is usually quite some time before they do that. If you work with a debt settlement company they will handle everything for you and instead of filing bankruptcy you can pay a portion of your original debt quite often in monthly payments you can afford.

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