Debt settlement programs work

National Debt Relief is one of the best overall debt settlement programs that are offered in the market. They have an excellent history of providing results and settling debts for one-third the amount with transparent pricing.

They provide debt relief services that eliminate the need to take out a debt consolidation loan. You can find credible information on their website documenting their processes and results.

They have a page dedicated specifically to debt relief letters from their consumers. You will not have to pay upfront fees to use their service. They offer a money-back guarantee for their clients who are not satisfied. You can receive a free quote by applying here.

Besides debt settlement programs, other options available. Even if you have bad credit or less than perfect credit score, you still could qualify for a debt consolidation loan or home equity loan. Other alternatives to working with a debt settlement firm include working with nonprofit credit counseling agencies and professional credit counselors. When searching for a good settlement company, you should search for reputable organizations that have been in business for more than five years.

They should have a track record of successfully helping their consumers with their debt. If companies show transparency in their pricing and freely show them on their website, you should look into them. Some debt relief companies will offer free quotes, You should take advantage of that before committing long term.

Lastly, if they are proven and recognized by the debt settlement industry or consumer credit advocates, they are trustworthy and worth looking into. With the proper research and investment of your time, you can find the right program for your current situation and hopefully be relieved from your debt at the appropriate time.

Save my name, email, and website in this browser for the next time I comment. AstroGrowth is a directory of business software which includes expert and guest reviews, and the latest strategies and trends in the industry. Share on facebook Facebook. Share on twitter Twitter. Share on linkedin LinkedIn. Share on email Email. Table of Contents. The company should also provide all of the necessary paperwork as well as updates along the way. If you are considering using our company, Encompass Recovery Group to handle all of your unsecured debt, all you need to do is reach out to one of our enrollment agents and they will set you up with the best program for you, or you can apply here on our site and someone will reach out to you right away.

Setting up with our settlement program is easy and stress-free. Our main objective is to get your debts settled for less than what you owe. I agree to receive email from Encompass Recovery Group encompassrecoverygroup. For borrowers who are overwhelmed by unsecured debt such as credit cards, consider how your options compare, like debt settlement vs Chapter 7 bankruptcy. A Chapter 7 bankruptcy is almost always a better option.

Yes, a bankruptcy will sully your credit history for years, but the rebuilding process can begin immediately. Going that route will not typically reduce the amount you must repay, but it may reduce your monthly payments by stretching them out or by reducing your interest rate.

It will have less impact on your credit than either bankruptcy or a debt settlement. If you feel that debt settlement is the best or most appropriate choice for you and you want some assistance in pursuing debt settlement, Bovee has tips for choosing a company wisely:.

Stay away from any company that seeks money in advance or guarantees that your debt can be settled. Make sure fees are structured as a percentage of debt eliminated rather than of debt balance at enrollment; that gives the company incentive to trim more of your debt. A lawyer may bill by the hour, have a flat fee per creditor, or charge a percentage of debt or debt eliminated. Some banks have hardship programs that may be able to help. But be certain you can afford any reduced payment options your bank may offer.

Creditors may be likelier to take a lump-sum offer, which gives them money immediately, rather than taking a chance on payments that might not come. Also be aware that some creditors may have a policy against settling debts. Debt settlement risks. Alternatives to debt settlement. If you decide to try settlement. Show More. Some cons of participating in debt settlement programs include:.

Also, review your financial situation and your ability to pay back your debt. If you decide that participating in a debt settlement program is ideal for you, read the fine print and choose a reliable debt settlement company that has a good reputation and customer support. Mary Beth Eastman serves as the content manager for Simple. Living, where she is dedicated to helping readers use money and credit wisely.

Mary Beth believes that access to the right financial information paired with a growth mindset are essential tools for getting out of debt and building wealth. Mary Beth has a degree in Journalism from Bowling Green State University and has focused her year journalism career on putting readers front and center, carefully considering their concerns and presenting information that will help them in their everyday lives.

She has won numerous statewide journalism awards. Her writing on personal finance as been featured on numerous websites in addition to Simple. Living, including Huffington Post and Lexington Law blog. Mary Beth resides in Pittsburgh, Pa.