When you plan to hire a debt settlement company, you must make sure that you are completely aware of all the related concerns of that particular company.
These concerns point towards the ability of that company to settle your debts with the creditors. Also, there are some practices in the debt settlement business that you need to have complete knowledge about before you hire them.
What the debt settlements companies won’t tell you?
There are things that you would probably not hear from the debt settlement companies, and therefore, you must do it with your eyes wide open all the time. Given below is the complete description of all the concerns that can interfere with smooth debt settlement of your credit card.
1. Never Give Enough Information to Customers
One of the most important concerns or failure of this industry is that they fail to give their customers enough information about if the settlement is right or wrong for them. The reason for that is mainly profit because you will not engage in their services and they will not get paid.
So, they have this easier, softer and less informative approach that they use to sell people on the idea that the debt settlement can save them from bankruptcy.
2. Never Tell You That Your Creditor Refused to Work with Them
Most of the creditors won’t deal directly with the debt settlement companies. When your company does not tell you this, they are impeding your chances of success, or to save more from settlement or to settle earlier. If they tell you in time, then it could save your credit card report also. So, this is a key thing that they need to share with you, but they mostly do not.
3. Never Tell You That They Need Some Accounts to Charge Off
Another important thing that the customer must know, but the debt settlement companies won’t tell them is that they need some other accounts to charge off before the debt settlement. Even though this will cost the customer more money, they will hide this information from them.
4. Never Tell You That You Can Settle Your Debt on Your Own
The debt settlement companies also never share with the customers the fact that their debt settlement with creditors is not a big deal, and that they can do it on their own. Therefore, if the customer knows about other options, such as IVA, etc., then it can help them settle an agreement of debt repayment with their creditors. This is possible without the interference of debt settlement companies.
This means that if the debt settlement companies tell the customers that they have to wait for longer than it is necessary, then they are not sharing the right reason for this delay. Debt settlement is a very predictable process, so if you feel that the process is delayed than the usual period, you must negotiate with your debt settlement company to fix the problems.