Most fraudulent settlement companies take advantage of the fact that there are lots of misconceptions about debt settlement in the market today. People negotiate with debt settlement companies presuming that the companies offer the waiver. That is definitely not the case. Since the lender has loaned the money, it is obvious that the waiver can be given by the lender only. If the lender refuses to offer waiver, then the settlement company cannot do anything about it.
Hence, when your settlement company specialized promises to obtain a fixed percentage waiver, you should seek a clarification and find out on what basis the potential is being made. If the specialized comes up with an explanation based on:
– past experiences
– Past track record
– Industry statistics
– inclination of creditors to offer fixed waiver for a fixed loan amount you can be rest assured that you’re dealing with a genuine company.
however, if the settlement company justifies the big talk by talking about how skilled they are and how well they have done with other unnamed creditors in the past, then it is best to choose some other service providers. This is because insignificant skill or confidence on the part of the executive is not enough to fetch a high waiver. You will also need the cooperation of lenders, something which cannot be guaranteed by any third party without prior consent.
If you keep this point in mind, you will avoid getting carried away by the enthusiasm of the executive and you will ensure that you do not get all starry eyed about the settlement amount. Instead, you will focus on knowing more about the legality and the efficiency of the settlement company before proceeding any further.
You can also make use of the World Wide Web for additional information. You can log on to forums and ask for explanation whether the settlement percentage offered by the company is realistic or not. You can also get in touch with the individuals who have had experience with these settlement companies in the past. You can do all this and more for free on the web.
If you find that the company you are dealing with is not a genuine or an efficient company, you should make use of debt relief networks to get in touch with other specialists. Of course, there is nothing stopping you from finding efficient companies using your traditional and offline contacts in addition.