Debt Settlement Solutions - Debt Negotiating Advice For Consumers
People are frantically looking for debt settlement solutions
. The recession which had hit the US economy a couple of years ago, has actually led to a situation where thousands of Americans have lost their jobs and now they are finding it difficult to repay the debts that they have. They are becoming defaulters and finally they are filing for bankruptcy.
The results which are returned from bankruptcy filing are not really enticing. They consumers who have filed for bankruptcy have lost their credit scores and now they are unable to get further credit from the lenders. This condition will continue for the next seven to ten years which follow because of the fact that the report of bankruptcy filing will continue to show up on the credit history for that time frame. It is because of this reason; those people who haven't yet filed for bankruptcy filing are looking for debt settlement solutions. This article has some debt negotiating advice for consumers.
Make sure that the amount of debt that you have is at least $10,000. It must not be less than that because; $10k is the minimum that has been fixed by the govt.
Ensure that debt is consolidated in one single place. If necessary go for balance transfer or debt consolidation loan. This will ensure that the time and also the cost of debt negotiation are minimized.
Hire a professional debt settlement company. The creditors like the professional approach these companies have and the companies are fully aware of the banking system and they know how much to push the creditors to get the best deal for you.
Only hire a company which is certified with TASC. Make sure that the company that you hire has a proper license and registration.
Remember that according to the new legislation laid down by the Federal Trade Commission has put a ban on collection of upfront fees from the consumers by the settlement companies. This will ensure that you get a legitimate company and get the best possible service. The companies are allowed to collect their service fee only after they have actually eliminated the debt of the consumers by at least 50%.
Thus, whenever you are looking for debt settlement solutions keep the above mentioned tips in mind to get the best results that you are looking for.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Debt Settlement Solutions - Debt Negotiating Advice For Consumers