There are often a lot of misleading information that goes on about debt settlement and debt settlement companies, as a result of this both the customers and the companies suffer. A press report in recent times talks of the same,
SAN DIEGO, July 8, 2013 /PRNewswire-iReach/ — Paul Paquin with Golden Financial Services stated “the bad reputation debt settlement services sometimes have, originates with sales agents that mislead consumers into joining the programs, without being transparent about the services and clearly explaining how everything works.”
Given the confusing state of affairs, it is very important that people understand what exactly happens in such cases of debt settlement. As such one needs to understand different aspects of debt settlement like-
- How can these companies help you?
– What you can should/should not expect them
– Is debt settlement the right option for you and your condition?
– How you know that the debt settlement company is a genuine one or not?
If you were to ask whether debt settlement services are absolutely necessary for you, the answer might be ‘No debt settlement is not an essential for everyone; it varies from case to case and their financial condition.’ But having said that one might also add that a debt settlement company can help you out in many ways and as such you need to consult a good company who will brief you on the available options that would suit your particular case.
The fear of bankruptcy being rampant, people want to consider debt settlement as a healthy alternative to bankruptcy. No one should be forced to file for bankruptcy and that is where debt settlement programs can be really helpful.
So what exactly does a debt settlement company do for settling your unsecured debt?
Ideally when you approach a debt settlement services company, they will take stock of your financial situation. As a customer, you must be careful of extremely lucrative sounding promises. This is usually an indication that everything is not alright.
There are large debt settlement companies run by able attorneys like Shah Peerally, whose debt settlement firm is one of the top rated debt settlement firms in California. When you approach such a firm, a thorough analysis is done of your situation, after which the options open for your case are laid out before you.
Advantage of hiring a practicing attorney for your debt settlement
The advantage of hiring a practicing attorney over any other firm is that in case of a problem with your creditors, the attorney doubles up as your lawyer who will be able to get you out of a sticky situation. Moreover, you have the advantage of getting rid of harassing calls that have been making life difficult for you so long.
As a part of your debt settlement you now need to pay only a part of the entire amount that is actually owed by you to your creditor. If this seems to good an option and looks too easy, you need to do a rethink. Debt settlement needs careful planning, influence on part of the settlement company’s powers to negotiate and above all ample proof that you are unable to repay the loan amount.
Usually a good settlement company will try to settle your debt within 3-4 years of you approaching time, though much of this varies from case to case too. This type of plan typically gets a person out of debt in about 3 years or less. Be prepared to see your credit score take a back seat and tax consequences too, but if you have a good settlement company by your side they will also brief you of ways how you can recover your credit score surely and slowly.
Ask a few questions-
– Ask for a specific plan that will show you how your debt will be settled
– Ask for previous case records
– Ask about your involvement in the process
– Ask around friends, family and other people who have worked with a particular firm for references
Ultimately you need to make an informed decision.
Contact the Shah Peerally debt settlement firm today to see how they can help you-
Phone: (510) 742-5887
Fax: (510) 742-5877