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There are many companies offering
this service, how do you choose?
It is most important to find a company that prides itself on
integrity, professionalism, and a high quality of service. When
looking for a company that’s going to assist you in your debt
settlement, here are a few key questions you should ask.
Do They Have a Service Guarantee?
There are many companies that do not guarantee their services which
means the company has less incentive to negotiate your debt once
they have collected their service fee.
* If Mutual Debt Solutions is unable to settle one or more of the
accounts, we will refund or adjust the service fee to you, an amount
equal to the service fee associated with any such account balance(s)
at the time of enrollment. You must have sufficient funds to settle
the account in order to be eligible for the service guarantee and
enrollment fees are nonrefundable.
Are they a member of TASC (The Association
of Settlement Companies)?
Members are TASC are required
to meet certain guidelines; such as proper disclosures, client
acceptance standards, and proper business practices. TASC’s goals
are to promote good practice in the debt settlement industry,
protect the interests of consumer debtors, and lobby on behalf of
debt settlement companies for regulation that provides both consumer
protection and consumer options.
Do they have certified Debt Negotiators and
Debt Consultants and do they ask questions about your current debt
situation and do they review your budget?
Does the company have certified debt arbitrators handling your
settlement?
If not you may not get the results they claim. Does the
company you're talking to ask you relevant (and basic) information
such as what banks you have debts with, how much you owe to each
bank, what state you live in, any recent balance transfers or cash
advances? This makes a big difference to a company's ability to help
you. If they just give you an estimate without asking these
questions, beware. Compare them to Mutual Debt Solutions experience.
* Mutual Debt Solutions Debt Negotiators are
certified through the International Association of Professional Debt
Arbitrators.
Do They List an Address on Their Web Site
and is the Debt Consultant and Negotiator with the Same Company?
Does the same company that negotiates the debt employ the debt
consultant? There are many organizations that sign people up and
then sell that client to a negotiation company. We pride our selves
on one of the best negotiation teams in the country and we handle
everything in-house.
Also it is important that you check to see if the company has an
office with a physical address (if a PO box or no address at all, be
very wary!)
* Mutual Debt Solutions corporate headquarters is located at
185 NW Spanish River Blvd Suite 240 Boca Raton, Fl . At this State of
the Art facility we are able to service our clients nationwide.
Who Looks After Your Savings?
Some companies hold your savings in a trust account requiring you to
hand over control of your money. The safer practice is to establish
a savings account through a 3rd party provider such as Global Client
Solutions. This type of account is owned and controlled by you and
helps you maintain the discipline to meet your savings goals while
offering protection from creditors. Self saving programs where the
individual sets aside savings in his or her own bank account also
work, but they require greater personal self discipline.
* At Mutual Debt Solutions, a third party account is usually set up
for your savings, but you retain control of this savings account and
only you can approve payments out of the account. You also authorize
every settlement before it is finalized. Thus, nothing is done
without your approval.
Do they make proper disclosures about a
Debt Settlement program?
Such as:
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Do you fully understand the fee and payment structure that was
presented to?
* Do you understand that Mutual Debt Solutions is not a law firm and
that Mutual Debt Solutions, nor any of its officers, employees or
agents can provide legal advice?
* Do you understand that Mutual Debt Solutions does not manage your
personal savings account that will be used for settlement purposes
nor do we make payments to creditors on your behalf?
* Do you understand that a settlement program may have an adverse
affect on your Credit Report?
* Do you understand that Mutual Debt Solutions cannot stop a
creditor from charging interest on your account?
* Do you understand that under certain circumstances, money saved
during the debt settlement process could be considered taxable?
Do They Accept Credit Card Payments?
Does the company accept credit card payments for their fees? If they
do this, it is both ethically and legally improper. Why would a
creditor negotiate on a debt that has just been put on there by the
company that's negotiating the debt? |
