Debt Settlement - How to Identify Legitimate Debt Relief Companies

Most credit card users are not aware of the debt settlement options- as to how to identify the legitimate debt relief companies. The only thing which the plastic card users know is credit counseling or filing bankruptcy. Many people are not aware of the existence of debt settlement companies. The other ways are to engage a legal lawyer or settlement consultants. But they can never satisfy or provide solutions as the debt settlement companies because they do not have experts to handle those kinds of situations. Still they get customers only because of awareness problem.

The best way is to find a reliable company is to find out a reliable relief network. These networks have settlement companies registered under them. For registering they have to qualify a examination and also prove their expertise in bargaining with the credit card companies. Once a customer has found out a relief network, his half burden is over.

Here are some tips which will help a customer find out or identify a legitimate debt settlement company:

Find out a company which is into this business if settlement since long and has a good reputation in the market. The general thumb rule is to look for a minimum experience of 10 years. The company should have experts who can reduce the debt by more than 50% of the debt amount including the fees.

It should provide the customer with the flexibility of paying the debt in installments rather than at once. Many a settlement companies will offer long duration of more than 10 years. These companies are rather fake ones. Hence the period chosen should not be more than 3 years.

The credit card companies appoint agencies to recover the amount due from the customers. These agencies keep on making irritating calls repeatedly. The customer should keep in mind that once the negotiation process has started, the agencies will stop making calls. But if they still make calls, then they can be dragged to the court of law.

While the job of reducing the debt is easy, the hardest part is to find out the reliable source. Hence the above tips will help the customers to find out the legitimate debt settlement company.