There is no doubt that the debt settlement program is the best choice for a person who is buried deep in debt.
Thus, it is worth knowing the process of debt settlement program, to avoid confusion.
Besides, it will be helpful for you to know the process to act on your own in future without the interference of a debt relief company.
As the initial step, you should regulate your research on a free debt relief help network.
These networks are consisted of debt relief companies with a good customer base.
To survive within a debt relief network, a particular company should have a proven track record and the sanction of The Association of Settlement Companies, which sets standards for this industry.
Locating a legitimate debt settlement company has been made easy for the consumers because of the recently published legislation of F.
T.
C which prevents the companies from charging an upfront fee.
This step has weeded out most of the fraudulent companies from this business.
But to be on the safe side, better to check whether the company is T.
A.
S.
C certified.
After you are enrolled in the above program, the settlement company will take their role as the mediator between you and the creditor.
You will not receive any insult or a collection call when you in the process of settling your dues.
As the initial step of resolving your debts, the interest will be wiped out and the company will continue negotiation sessions with your creditor to get a discount on the liabilities you have.
The normal range of discounts varies from 40% to 60%.
Let us imagine that it is 50% in your case.
Still it is an advantage.
Is not it? After receiving the discount, your settlement company will assess your overall debts and will make a permanent monthly pay.
When you pay the money to your company, the company will credit it to your account.
At the end of this process, you will find yourself as a free man.