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So how do
you choose which company to use?
Hopefully by now you have decided that debt negotiation is the best way
to eliminate your debt problems. The only question is what company do
you choose out of the many organizations offering this service? There
have been many new companies springing up in the last few years offering
this type of service and, unfortunately, not all are created equal. So
how do you go about finding a company that is going to do you justice
while eliminating your debt? Here are just a few things to look out for:
1)
Do they have Certified Debt Arbitrators and do they Ask Questions?
Does
the company have certified debt arbitrators handling your settlement? If
not you may not get the results they claim. Another question to
consider; 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. Ask them do they have this experience?
Ø SCF’s
debt negotiators are certified Debt Arbitrators
(CDA) through the International Association of
Professional Debt Arbitrators and have over 20 years of experience
in the finance industry.
2) Are they Bonded?
There are
some unscrupulous companies out there that could take your money and
run; you want to be protected from this. A bonded company will protect
you from a company’s unscrupulous employees. If
you are considering an un-bonded company contact the BBB and the State
Attorney’s General Office where this company is located to see if they
have complaints.
Ø
SCF protects you with a $100,000 Surety
Bond.
3) How Long
Is Their Program?
Ask,
“Does it matter how long it takes me to get through the program?” and
“Will there be potential problems if the program goes on for a long
time?” You need to be aware that in almost all states,
doing a program longer than 36 months can be
very dangerous! Spreading the program over, 48 or even 60 months will create
legal problems, increase the costs and increase the possibility of you
filing for bankruptcy. Some companies pay no regard to this and push you
to get started so they can collect their large start up and monthly
fees. Some companies that offer a 60-month program charge monthly fees
of $40 or $50 per month and this is their real incentive.
Ø At SCF, we recommend that you do not go with a
program over 36 months regardless of how appealing it is or how much easier it seems that
it would make your life. Having an additional $100 in your pocket every
month will cost you considerable more in costs and potential hassle over
the long run.
4)
Do They List an Address on Their 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. SCF does not buy or sell clients. We
have one of the best negotiation teams in the country and SCF handles
everything in-house. Also
its important that you check to see if the company has a office with a
physical address
(i.e. not a PO box or no address
at all be very wary!)
Ø State Capital Financial’s™
corporate headquarters
is located in Hallandale, Florida. It is from this central location that we
are able to service our clients nationwide.
5) Do They
Have a Service Guarantee?
There
are many companies that do not guarantee their services which means the
company has no incentive to negotiate your debt once they have collected
their service fee.
Ø
At State Capital Financial, if we are unable to
settle an enrolled account, We will refund back to you or adjust your
service fee by an amount equal to the service fee charged on that
particular account balance at initial enrollment. Note: You must have sufficient funds to settle
the account in order to be eligible for the guarantee.
6) What Are
the Up Front Fees?
All
companies have a set up fee; this should be expected but you should
definitely be aware of the amount of up front fees a company wants. If
the initial fee is greater than 6% look elsewhere. Other companies might
want all their fees upfront before they start negotiating the debt;
definitely beware of this. If a company collects all their fees upfront,
there is no incentive to get you the best deal on each settlement. They
do however have every incentive to close out your account as soon as
possible as they have already made their money.
Ø
At SCF our certified debt arbitrators
(negotiators) are
paid based upon settlement percentages, which means they are encouraged
to make a better settlement for you. This lets you know the settlement team is working for you
and not the creditor.
7) Who
Looks After Your Money?
Nearly all companies take your money every month and deposit it into
their accounts until a settlement is made. This is not so bad, if they
establish a savings account in your name where you have control over
your money and control what settlements are accepted. If you do not have
control over the account they reach a settlement and could pay for the
settlement without your approval. Many companies will force you to
accept any settlement better than 50% and automatically send the payment
out of your account. You have no control over what settlements you would
like to accept or not.
Ø
At SCF, you setup and control your personal
savings account and only you can send payments out of the account. You
also control whether you accept a settlement or not. This means you
control what settlements you accept and what happens with your money.
8) Do They Charge Paperwork Fees?
Does
the company you're considering want money just to talk to you or send
out information? I've heard of companies charging $100 or more just to
mail out the contract! Any company that does this should definitely be
avoided.
9) 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 incorrect. Why would a creditor
negotiate on a debt that has just been put on there by the company
that's negotiating the debt?
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