Paul Paquin, CEO at Golden Financial Services Reviews Debt Settlement Services and Provides Feedback.
9 Points That Must Be Disclosed To Consumers Prior To Signing Up Are Listed Below!
Performance based attorney model debt settlement programs will be the only way to go as 2014 approaches. Over the years there have been many debt settlement platforms that have come and gone.
The unique trait that differentiates the performance based attorney model debt settlement program is that the debt settlement company only receives their settlement fee at the time the settlement occurs. This ensures that the negotiators are aggressive and efficient. If the debt settlement company fails to settle an account for their client, they will not get paid on that debt.
Why will attorney debt settlement programs be the way to go?
Experienced debt settlement enrollment specialists know that debt settlement services require an attorney. Lawsuits can occur when consumers don’t pay their credit card debts. Settlement services with an attorney, allow consumers to get lawsuit defense when creditors attempt to sue. Without lawsuit defense, creditors will have an easier time getting a default judgment and then garnishing a person’s wages.
We need more experienced debt settlement enrollment specialists!
“Sales reps that represent debt settlement incorrectly, and don’t explain the program properly, are one of the main reasons why consumers are not successful on a debt settlement program. This is a contributing factor to the bad reputation that debt settlement developed over the years,” says Paul Paquin.
Enrollment Specialists or sales reps need to be trained the correct way, so when they enroll consumers into the program, they fully disclose and explain all of the details including the downsides of the program, not just the benefits. This ensures a client’s expectations are set at the right level and they know what to expect while on the program.
Scam debt settlement companies in the past, had sales reps that did not explain to consumers the program properly.
When an enrollment specialists signs up a consumer for the debt settlement program, the following should be included, explained and disclosed.
1. Creditors can sue. What to do if a client receives a lawsuit while on the program.
2. A clear summary of how to communicate with the right departments while on the program. How to get in touch with their legal assistant, legal team and customer service. Who to call if they need anything. Where to fax or upload paperwork and collection letters. Golden Financial Services clients are set up with an online portal on top of everything else, where clients can interact with their legal team, watch educational videos, upload lawsuits and collection letters, view account notes and updates, view settlement letters, update their payment information and much more.
3. Clients need to understand how to handle creditor phone calls and harassment.
4. Clients need to understand the Fair Debt Collection practices Act and their consumer rights. At Golden Financial Services we provide clients with FDCPA educational services. Consumers can also download a free copy of the FDCPA summary that we created here at Golden Financial Services, prior to client’s even signing up for the program.
5. Consumers need to understand how the settlement process works. Golden Financial Services provides clients with a schedule showing approximately when they can expect settlements to occur. They need to understand that one creditor at a time is settled and their creditors are not paid on a monthly basis.
6. Consumers need to understand that their credit score will go down while on the debt settlement program. They also need to understand how to rebuild their credit score once the debts are settled.
7. They need to understand the fees.
8. The client agreement needs to be explained to them page by page so they know what they are signing.
9. Consumers need to understand the tax consequences that could occur, and they need to be advised on what to do.
Are debt settlement services needed, and will they be around forever?
Paul Paquin sees debt settlement services without an attorney, not being around much longer. That is why Golden Financial Services partners with attorneys in every state, ensuring all of their clients are represented. Having legal services included on the debt settlement program is imperative in order for clients to be successful.
Debt settlement services can be a great solution for consumers to turn to.
The debt settlement services allow consumers to stay out of bankruptcy, and save a tremendous amount of money on each of their accounts. It allows consumers to ethically do the right thing and pay off their debt, at a negotiated amount, but a fair amount based on their hardship. Consumers are not just taking the easy way out and filing for bankruptcy, because with debt settlement they are still paying their debt off. They still have monthly payments and are being responsible, paying back their debt.
What legal information and services should be included with a debt settlement program?
The following items should be included with a debt settlement program:
– An Insolvency analysis.
– Asset protection and information should be explained.
– Pre-Bankruptcy Screening and Analysis should be included in case consumers are better fit for bankruptcy.
– Fair Debt collection practices act, an education course and collection of violation incidents.
– Litigation preparation program including assessment of effective creditor collection options.
– Free access to legal forms and information.
– Attorney letters of representation are sent to creditors following the approval of each client.
Debt settlement services are great programs for avoiding bankruptcy and getting rid of debt. Consumers will always have credit card debt. And, at times, consumers will unfortunately have hardships that occur, making it impossible for them to stay current on their bills. When this happens, consumers have another option besides bankruptcy; debt settlement services.
Learn about the debt settlement service that Golden Financial Services offers.
Check out a few of the Best Golden Financial Services Creations for 2013.
1. The Superhero Pay off Credit Card Debt Guide.
2. The Bankruptcy Debt Relief Infographic.
3. The series on “Children and Money and how NOT to Spoil them“. Also part of this series was the most recent blog post about “Teen Millionaires”.
4. The FCRA and FDCPA Summaries.
5. Credit Card Relief Programs as 2014 Approaches.
6. New Credit Card and Debt Reduction Calculator. (Feel free to use this on your website)
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