There are both good and bad debt settlement companies. A general rule in finding a good debt settlement company, is the avoidance of those companies that make “undeliverable” promises or guarantees.
The truth is that no company can guarantee to settle your debt or to reach a settlement by a specific amount. The Federal trade Commission has fined companies that have “guaranteed" to settle people’s unsecured debts for a specific amount. A legitimate debt settlement company only provides “estimates” based on settlement results. What matters most is the company's track record and experience.
Another recommendation is to ask for confirmation of actual settlements. This will let you see if the company has experience settling your creditor or collection accounts.
Most debt settlement companies only negotiate personal unsecured debts, such as credit card accounts. In comparison, Debt Free League additionally negotiates medical debt and business debt.
In the last quarter of 2008, our debt negotiators maintained a monthly settlement average of 38-42%! We also work with collection agencies and collection attorneys.
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