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Looking For Credit Settlement? 3 Questions You Must Ask!

Do a search for “debt settlement” or “credit settlement” in almost any search engine and you will find a plethora of eager companies listed all vying to make you debt free. However, you will see that most of these listings are in the sponsored section of the search engine results (meaning they are paid ads.) Take a closer look at the non-paid search results and you will likely see articles from newspapers and press releases from various state attorney general offices all mentioning lawsuits brought against deceptive debt relief companies. How do you find reliable debt settlement companies?

You need to be very careful!

Credit Settlement (more commonly referred to as debt settlement) is a great service for many people who have found themselves in trouble due to seemingly endless credit card bills or accumulating medical bills. It can save you from the increasingly difficult process of bankruptcy if you choose your service provider carefully.

Which debt settlement companies can you trust?

Like all big financial decisions, you need to do extensive research and talk to several companies before making your selection. All these companies offer free consultations so take full advantage of them and be sure to ask these 3 crucial questions:

1. 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.

2. Do you have in-house dedicated client support people I can contact easily?
You want to get a sense of the size of the company you are dealing with. It is very easy for someone to open a debt settlement sales company out of their house with little or no support staff. Typically these small operations will outsource the debt negotiation process and the client support to another larger company but you have no idea who that is when you sign up with them.

3. Can you provide sample letters of actual settlements you have negotiated for other clients?
Again, you want to know that your debt negotiation process is not being outsourced so by asking for these settlement letters you can see that the company has actually been successful in reducing the debt amount for other clients in your similar situation.

Credit Settlement is a process that typically takes 18-36 months so choosing your provider is a big decision. You do not want to end up with a company whom you do not trust handling your money. There are good credit settlement companies out there and once you find one who is reliable and honest, you can sleep easy at night knowing that you are on the right path towards a debt free life!