There are thousands of debt relief companies in the United States (US). So how do you pick which one to join with? If you ever watch the news or read on the internet then you probably know that scams do exist and that you need to be extremely careful when researching debt relief options.
Before you decide on a company, no matter how good it sounds whatever their offering to you, it is imperative that you check a company out with the Better Business Bureau (BBB).
Checking to see if a company is accredited with the BBB should not be the priority. A company must qualify for accreditation, but once qualified; any debt relief company can purchase the accreditation. Therefore the BBB accreditation membership doesn’t necessarily mean that a company is good or bad. If a company has a high BBB rating and is not accredited, this will tell you even more about that company because of the fact that you can be certain that they did not pay for their BBB “A”.
What to Check for at the BBB when Searching for a Legitimate Debt Relief Company
√ The BBB shows how long a company has been in business. Make sure the debt relief company has been in business for at least 5 years. This will reassure you that they have experience and a proven track-record.
√ Check to see that the debt relief company has a small number of complaints and that any complaints they do have are resolved. First off if a company has unresolved complaints then they will most likely have an “F” rating, or at least a “D”. In this case stay away from that company. The BBB profile page for a company illustrates this information.
√ What is their BBB rating? If a debt relief company has a “B+” rating or better then this is an excellent indication that the company will perform for you.
What are the Best Unsecured Debt Relief Options for 2014?
1. Do you have unsecured debt collection accounts? If yes, then debt settlement or debt validation services can help you with getting out of debt quickly.
A professional debt relief company will review your entire situation and credit report where often they can find errors and debt collection violations. This would mean that you’re eligible for debt validation and your debt could potentially be invalidated. When a debt is invalidated it is proven to be invalid and not because you didn’t spend the money, but rather because of the fact that your debt collectors are not abiding by all the mandatory federal laws. With debt validation your debt collectors will be challenged and they must now provide all the documentation necessary to validate your debts. If they fail to provide all the documentation necessary to validate your debt, then your debt will be invalidated and they can no longer continue to collect on that debt.
If you have debt collection accounts and you’re getting phone calls from collectors, it is important to keep a log or notes of exactly what time they’re calling and exactly what they’re saying. This way a professional can review these notes and look for violations. On the Golden Financial Services debt settlement program, included is an online customer toolbox that has a debt collection log section. We direct our client’s to type in notes in that section that illustrate details on when their debt collectors call, and we review this each week looking for violations. Nine out of ten debt collectors either report inaccurate information, or commit some type of violation in regards to six different federal laws that we look at. (this statistic has to do with a study conducted on our client’s enrolled on the debt settlement program)
With a debt validation program there should be a guarantee included ensuring that you pay no fees to the company if they fail at invalidating your debt.
2. On the other side of the coin if the debt collector is abiding by all the federal laws and reporting everything accurately on your credit report, then these debt collection accounts can most likely all be settled. Debt settlement would be the second best unsecured debt relief option if you have debt collection accounts. A debt settlement program allows a person to get out of debt in three years on average and pay back less than the full amount owed.
An FTC compliant debt settlement company will only charge you the settlement fees at the time when your debt is actually settled and paid.
3. If you’re current on your accounts and simply need a lower interest rate then consumer credit counseling could lower all of your interest rates down to around 8% on average. This type of program consolidates all of your bills into one, so that you only have one monthly payment. It will show up on your credit report that your accounts are being managed by a consumer credit counseling program.
When it comes to consumer credit counseling make sure to only join with a non-profit company.
4. Bankruptcy may cost you a few thousand dollars up-front, but the real cost to bankruptcy comes from the future years that folks have to live through.
With Bankruptcy on Your Credit Report:
– If you ever need anything as simple as a car loan, well good luck getting an interest rate below 20% when you have bankruptcy on your report.
– If you need to buy or even rent a home in the future, well lenders and landlords look down upon bankruptcy. Bankruptcy will most likely ruin your chances of getting approved for any type of loan including renting a home.
– Some employers will check a person’s credit report before they hire that person, to ensure that they don’t have bankruptcy on it. If you need debt relief then bankruptcy should be your last choice. Learn more about bankruptcy debt relief here.
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Looking for debt relief and don’t know where to start? Simply call 866-376-9846 and we can provide you with a free consultation. It is important to understand the different debt relief options available. Debt relief programs will sometimes vary depending on what state you live in. If you live in any of the followings states then I recommend you read about debt relief in your state before taking another step.
The Following Pages Illustrate Important Debt Relief Program Information, Statistics & The Best Debt Relief Programs For Each State.
Consider yourself lucky if you live in any of the following states!!!!
If you live in Georgia, you should read about the New Georgia Debt Relief Program Available. This program is great for people that have more than $50,000.00 in Credit Card Debt. Also, take a look at some SHOCKING DEBT STATISTICS.
Best Maryland Debt Relief Options & Programs. Also, try the debt relief program payment calculator tool which illustrates the different Maryland Debt Settlement & Consolidation Program Payment Options.
If you are looking for bankruptcy then first take a look at these most frequently asked bankruptcy questions. You will probably change your mind about bankruptcy, after reading the answers to these most frequently asked bankruptcy questions.