Negotiating A Debt Settlement Deal – How To Get The Best Debt Settlement Deal
When the American economy dwindled down to fight for existence by the blow of recession
, thousands of consumers lost their jobs. It is because of this reason that they became defaulters and failed to repay their debts. It was then that the already crafted debt settlement stepped forward to rescue the troubled consumers by eliminating the unsecured loans by up to 70%.
However, the major concern for many is to find out a legitimate debt negotiation assistance. The presence of illegal companies and their 'predator' attitude to feed on the finances of the consumers has led to a bad reputation for the settlement industry as a whole. These fraud companies make false promises and pick up upfront fees (a general rule of the settlement industry) and then come up to the consumer and say that the negotiation with the creditor failed.
To stop this, the Federal Trade Commission has put a ban on the collection of upfront fees from the consumers. This new law will be in effect from October 27th. It is because of this new law by FTC that the fraud companies will no longer be able to survive. The companies will now be allowed to collect their service fees from the consumers only after the negotiation with the creditor is successful.
This new regulation will call for a huge capital base and a solid background of successful negotiations for the settlement companies to survive in the country and hence wipe out the shady ones. There are still several ways to get legitimate debt negotiation assistance till the time the new law becomes effective.
Google search the Internet and the first four or five results which turn up will be the list of the most legitimate which are highly successful in negotiating a debt settlement deal. These companies have proper TASC certification and they are affiliated to Better Business Bureau which certifies the quality of service that they provide.
Alternately, you can go ahead and search the Internet for debt relief networks. The most authentic companies are listed on a relief network. Backed by Better Business Bureau affiliation and TASC certification, these companies have passed all the tests of ethical standards and can successfully wipe out the debt that you have by a certain percentage.
If you have any friend of relative who as already used this service, you can get advice from them as well. They can help you by referring the legitimate companies capable of negotiating a debt settlement deal.
Negotiating A Debt Settlement Deal How To Get The Best Debt Settlement Deal