Tuesday, May 13, 2008

Who are the Best Debt Negotiation Companies?

Debt negotiation, also called debt settlement has become very popular over the past 4 years. Since the change in the bankruptcy law in 2005 debt negotiation has become the best alternative to people who otherwise would need to go bankrupt. Therefore opening up a huge market for debt negotiation services. But how can one tell the best debt negotiation companies from the ones who are rather inept.

For one any good service will be listed in the BBB, and have a good track record. This almost goes without saying. Second a company should charge a portion of their fee based on their performance. And by performance I mean how low of a settlement they can get for you. The lower the settlement the more money you as the debtor will save. There are far too many companies out there that charge just only a flat percentage of your total debt amount and collect 100% of it upfront before any settlements have been made. This fee setup leaves no incentive for the negotiator of the company to get the best settlement because they have already earned all of their money. When a negotiator works off of performance they will earn more by getting a better deal and saving the client more. Resulting in a win-win situation.

One more thing to look out for is whether a company is under investigation by the Attorney General. You should look up the states AG office for the company you are considering doing business with, and if they are being investigated then stay far away.

And of course a good debt negotiation service should have a very capable and friendly client services departement, that is capable of handling the day to day operations of the business. Way to many companies neglect to really improve and take pride in their client services resulting in the client not getting what he or she thought they were going to get.

One of the best debt negotiation companies around is the US Consumer Advocate, this organization has a stellar BBB record and works based on their performance, for people in debt needing help they are definitely worth talking too.

58 comments:

Jack said...

The best thing anyone can do for themselves when it comes to getting debt relief help is to make certain that they do all of their homework on each company they are speaking to before they decide to commit to anything.

David said...

Debt settlement is the best way of avoiding debt. In this process the debtor negotiates with the creditors for the reduction of the debt amount. This can be done through third parties who specialize in negotiations.

Skyler Collings said...

What tactics do these companies use? How do they persuade the companies to reduce your debt?

The Debt Medic said...

I agree strongly with this post. The AG is the best place to get information on any debt settlement company.

I also agree on the payment advise to debt settlement companies, let them perform the work first, then pay them.

Furthermore if anyone wants to save money on fees they should try their hand at settling their own accounts.

Jeremiah said...

Great! I loved reading your blog. It was exactly what I needed to read.

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Dallas said...

Hi there. I've noticed that you haven't updated the blog recently, but I have a question that relates specifically to my business.

I am in financial trouble, not unlike many businesses these days, and looking for the best option out that will not require me to file for bankruptcy. My business is a sole proprietorship and most of the debt incurred is as a result of credit cards.

I have a lot recently about debt settlement being a good option for individuals. Does this also apply to business owners?

On a strong recommendation from a friend, I am considering calling this company:

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Before I do though, I'm making a tour of the blogs and forums to try and get some expert advice. Please respond to this comment or email me at dallaslivemusicnow@gmail.com if you have any suggestions for recommendations. Thanks, and I look forward to hearing from you.

Car Finance said...

Debt settlementI like this...And you should also visit debtconsolidation123.net.... debtconsolidation123 helps you in Credit card Debt Reduction and also protects you from bankruptcy.Unlike many other debt consolidation companies, debtconsolidation123 provides you a free consultation.

spbball34 said...

Allied Negotiation is a great debt negotiation company. The company is run by and experienced consumer advocacy attorney, and because they limit their services to debt negotiation their fees are much lower than many other companies. They also offer a money back guarantee if they can't lower your debt by 10% and improve the account's standing on your credit report. Another good thing about Allied Negotiation is they work on a flat-fee basis rather than basing their fee on a percentage of your debt.
http://www.alliednegotiation.com/

Erin said...

All this is new to me and confusing! One debt negotiation person told me that they would start a trust for me and that I should not make my monthly payment for 2 months. Then they go in an negotiate w/the company. I have an excellent credit score that I don't want to ruin, but they said because they set up a trust for me, it doesn't go on my credit report. Does anyone know anything about that? Is it true?
Erin

Dan Delgado said...

Erin,

If you do not make your payment to your cc for two months it will have an adverse effect on your credit score, a negative effect. Furthermore I do not know of too many creditors that will offer a settlement after 60 days delinquency,usually they offer settlements after 90 days delinquency. At best your account if you have the funds will not be settled until about the fourth or fifth month of delinquency. So if you are worried about your credit score, my advise is do not miss any payments!

Erin said...

Thanks Dan! I really appreciate your help! I had a bad feeling about that!

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Masay said...

well, these days its hard to see as there are many companies.

For me debt relief is best with curadebt, if you are in doubt all u do is to register for a free consultancy and if u are not happy, u dont proceed

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Fred Esterly said...

Consumers can arrange their own settlements by using advice found on web sites, hire a lawyer or use debt settlement companies.Some settlement companies may charge a large fee or may take a monthly fee from customer bank accounts for their service, possibly reducing the incentive to settle with creditors quickly. One expert advises consumers to look for companies that charge only after a Debt Settlement is made.

Cathy Mena said...

Debt consolidation isn't a new thing, it has been round for a long time, but in these desperate times with the average income reducing and personal debt increasing it has become a regular port-of-call for many hundreds of thousands of desperate people who have been badly stung by the current economic crisis.
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Besk said...

I will suggest that we should always use an attorney for our loan modification and try to up date ourselves according recent modified mortgage rates

Matt said...

Debt negotiation is a good way to clear off debts. Debt settlement companies work for the people and negotiate with the creditors and reduce the debt amount by half.

antony said...

The best debt negotiation company is the place where they reduce your debts without prolonging and make you free from debts. There are many companies coming forward to help people with their credit card debt settlement and unsecured loans and your entire financial crisis.

Jamison Alexander said...

Managing debt on your own can be frustrating and very time consuming. Having access to trained relief debt help professionals will give you options never thought of before.

Fred Esterly said...

With my opinion the best debt negotiation companies are work to reduce the amount of their debt. The best debt negotiation companies were not made promises they have no way of keeping. They cannot "guarantee" that they will be able to arrange reductions in the balance of all of your debt.

danismith40 said...

Choosing a right debt settlement company is too tough. If you are looking for good debt settlement company go for superiordebtnegotiation.com.

Alan said...

debt help is a great solution to get you on the right track. it is by far the best way if you are willing to take the initial credit hit.

Gilat said...

The best alternative to bankruptcy is debt negotiation. Look into this first. There are other ways!

amit said...

After using a debt negotiation company and hopefully finishing the program, it is a good idea to go through a credit repair program, to clean up any negative items left on your credit reports.

Alina said...

That would be really interesting article about debt. Thanks for all sharing interesting inputs here.


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alen mcmilan said...

Now in a days so many Debt negotiation companies are available in the market but I would say every companies are not good service provide so I would say use which companies which having very nice current records and her save previous record.
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Doug said...

I have been in the Debt Negotiation industry since 1998, being an owner in 2 different companies.
First, the BBB will receive complaints whether the company is a member or not. People complain to the BBB and the BBB can give anyone complaints about any business whether they are a member or not.
I completely agree that a "performance based fee", which is what the 25% savings fee is, is the best. The client wants us to make a lot of money because it means we saved him a lot of money. But, that's why the new law is in place because there were abuses with the "upfront fee" nonsense.
The best is the pay-as-you-go fee based on the percentage saved.
I believe the key to a good client is that they are well educated, not just business by business, but what their options are for getting out of debt and which one would be best for them.

LeAnn said...

There are so many companies out there promising the moon and it's difficult to know who you can trust.Many say these companies can't make any guarantees,but I know one company who can: www.financialburdenrelief.com. We've partnered with Performance Debt Resolution, LLC and Hubert Davis and have had incredible results.We can, and do guarantee a 60% reduction of your debt.We want everyone to know how wonderful it feels to be debt free and not have this burden. Call me at 877.327.1669 and I'll explain the process.I'll even give you some valuable "tidd bitts" should you decide to negotiate the debt yourself.One of the perks of having us do it for you is that you will not receive a 1099 or owe taxes on the unforgiven amount. Call and I'll explain how this is so.This industry has been starving for a company to take over that will deliver on their promises and truly be an advocate for the consumer.We are that company!

donnamoore01 said...

i agree with Both of You Well i never been there but thanks to internet ...
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royston said...
This comment has been removed by the author.
royston said...

Well according to my point of view, I think that best debt negotiation companies can be found after careful research for the right one to handle customized overdue balances.

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DebtSettlementTexas said...

Debt Settlement Texas had been greatly help me out of debt.
Lot of companies that you can choose over the internet but only few of them can be trusted.

janefermartin said...

I need to know the best company that provides credit debt related services like debt negotiation, debt settlement, debt collection, debt consolidation and others.
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Ethel said...

thanks!

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rajiv zone said...

The best way to eliminate debt is to ensure that one does not have more than 1 credit card.

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ameri2387 said...

The best debt negotiation company in out opinion; would be those whom provide <a href="http://www.creditcardhelp.net/credit-counseling-services.php>credit counseling services<a/>. Other programs tend to hold consumers down and not get them out of debt

Daniel said...

In debt consolidation all unsecured debt is lumped into one monthly payment.
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seranapearlin said...

In this blog post you have shared about the debt negotiations and about it's companies. There is tough competitions between them.
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Bestdebtcare said...

The best debt negotiation companies are able to help the consumers to reduce their debts through solid and professional experts.
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Debt relief is needed by n many right now and it is not all their fault,so many credit card companies just handed them out right and left.

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Always do your homework on debt relief companies there are many legit but just as many not legit.

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I was reading through some other bloga and I do not agree to trying to do your own debt settlement relif!

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You should always do your homework on these debt repair services,some are not what they are suppose to be.......they are in the game to make money not to help you.

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We all need to definitley do our homework before hiring any debt settlement agency. There are many legitimate ones but just as many scammers. Always know who you are working with, after all you are putting you and your family in someone elses hands.

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