Debt settlement companies love to overstate their role in providing debt relief. They exaggerate about the amount they can save you. They falsely imply that your debt can be settled in an unrealistically short period of time.
Now many debt settlement companies suggest that they have experienced attorneys on staff that directly negotiate steep reductions in your debt balances. It can make you feel good that such qualified professionals are working on your behalf.
It is true that you are paying enough in fees to warrant intervention by an attorney that specializes in debt settlement. However, rarely do debt settlement companies involve attorneys on an individual's account.
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Instead, they profit from your misfortune. Debt settlement company fees easily range into the thousands of dollars.
If you have an attorney that you trust, then it might be beneficial to allow them to work on your behalf. This requires that they can save you an extraordinary amount through a settlement. It also requires that they limit their fees to less than a thousand dollars.
Still, you can successfully settle your charged off debt on your own without using any attorney. It takes diligence and a solid argument to negotiate large reductions in your debt. Additionally, you need to be able to pool cash in a savings account so that you can make a lump sum payment on a settled debt.
Debt settlement companies work by submitting settlement offers to your debt collectors when they believe your account balance is sufficient to settle a debt. There is no active negotiation by an attorney. Instead, they simply send out letters to your creditors to see if any are willing to accept a settlement.
If you think that an attorney will be working on your behalf if you employ a debt settlement company, then you are mistaken. Worse yet, you may have been misled.
If you find yourself facing legal action, then there are only 2 ways to avoid this legal action.
First, you may gain agreement with your creditor to avoid going to court. This could include a payoff in full, payment of a settled amount or a payment plan.
The other option is bankruptcy. Owing large balances to numerous creditors that are each threatening legal action may require the protection from creditors that a bankruptcy filing could offer.
If you utilize an attorney, then either a bankruptcy filing or direct representation for debt settlement might be options. Otherwise, do not fall victim to false promises of legal representation through a debt settlement company.
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