My debt settlement company – is it legit?

Date Posted: April 29, 2021
By: dzcadmin

Hiring a debt settlement company is tempting as our lives have been stressful lately because of the debts we have been carrying over our shoulders. Add to that burden that the COVID-19 pandemic is still upon us even a year since it began. With this humongous debt looming, why not hire somebody to help you settle?

Is my debt settlement company legit?

So how would you know if your debt settlement company is on the up and up? Before you take the plunge and hire the next settlement company you see, ensure they operate legitimately. Here are some ways:

  • Check its legitimacy through government offices like the State Attorney General or consumer protection agencies. The Better Business Bureau will also list settlement companies with cases and complaints filed against them. You can also request the company’s license and authorization to operate in your state.
  • The internet is also your best friend when checking out the legitimacy of your chosen debt settlement company. Of course, their list is not that extensive, so refer to tip #1 if you don’t see your debt settlement company on their list.
  • Compare the services of at least three debt settlement companies to know which will benefit you. They will all try to get your business, so you might as well get all the information you can get. Remember that it probably is if their promises are too good to be true.

A few companies will promise that they can guarantee to settle your debt up to 60% of the total amount – so if you hear this, close your door because this might be a scam. Be wary of companies who will ask you for fees even before their work on your case, which is also a red flag. There will always be risks, so learn as much as possible before taking the plunge.

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