(SkyNewswire.com) If newspapers and on-line journals are to be believed, debt settlement is nothing but a scam that is aimed at looting people of their hard earned money. Had that been the case, the Association Of Settlement Companies would never have succeeded in making the concept so popular. It is foolish to deny that there are fraudulent settlement companies in the market today. However, have not credit card issuers been pulled up for illegal practices? Are there not unethical automobile dealers who cheat the ordinary people? Does that mean that we should stop buying vehicles or using credit cards? The onus is upon the buyer to protect his or her interest. Thankfully, there are many resources on the World Wide Web that help you identify legal debt relief services.
The Federal Trade Commission has released tips to help people compare different settlement companies and identify the ideal debt relief program. You should avoid organizations that charge remuneration that is not connected to performance. Of course, each and every service provider charges a particular amount of fees even though the settlement may not have been finalized. Credit card issuers call this as processing charges and professionals call this consultancy fees. In the same way, debt settlement organizations too charge of money for basic services provided. However, paying a percentage of the amount owed just because you have contacted a settlement company is clear proof that you are dealing with a fraudulent company.
You should deal only with those organizations that clearly specify the amount that they charge. Settlement fees may seem very high considering the fact that you are deep in debt. However, anything more than fifteen to eighteen percent of the original sum owed is ideal avoided.
Just check out various resources on the World Wide Web and make use of debt relief networks and forums that connect you legitimate settlement companies. You can begin your negotiations with these entities on the web itself. You know that the field of debt settlement is a filled with fraud companies. If you play smart, you can easily bring your debts down without getting cheated.
If you want to find the top performing debt settlement companies then here is some very important advice. Do Not go directly to a particular debt settlement company but instead go to a debt relief network that is affiliated with several established debt settlement companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company.
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