Predatory business strategies by debt settlement companies are coming into focus today. All financial service providers that will think of resorting to such tactics unless risk of being caught is always present. Earlier, credit card issuers often resorted to semi illegal remedies to recover debts. It was only when public outcry took place that service providers started reining in their illegal tactics. The same will take place in case of debt settlement as well.
Let there be no doubt about the legality of debt settlement. It is completely legal. The only thing that worries individuals and the government is the presence of large number of fraudulent service providers in the market. Had the credit card industry not been regulated so well, then you would have had many fraudulent credit card service providers as well.
The settlement industry is in its infancy as far as regulation by the government is concerned. The law focuses more on tackling fraudulent service providers after they commit the fraud. This means that you should pay special attention to the practices of the service provider
Do not to turn your back on debt settlement. Do not conclude that it is one of those scams that become popular every once in a while. That is definitely not the case. If you have any doubts, then cast eye on the global economy.
You will find that there are many countries that are requesting debt settlement with their creditors because of their inability to pay the dues on time. When countries and sovereign nations can opt for this solution, then what is stopping you from opting for the same?
Yes, it is very important to find the best service providers. Remember that safety is always in numbers. If you contact an expert alone, then you will be putting yourself at high risk.
On the other hand, if you get in touch with a service provider after
- getting references from numerous friends and contacts and
- checking out the past record
- checking out the BBB website
- determining whether any legal proceeding is pending against the service provider
your chances of getting genuine relief will drastically increase.
How can you do this? The World Wide Web offers the most obvious solution of course. All you have to do is log on to the web and make use of the various online resources to get the best and quality information for free. You can then proceed to take the right decision without fear.
If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called “Free Debt Relief Networks" that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms. To get free debt help check out the link below: