Business Debt Settlement Companies–Telling the Good from the Bad

After it becomes clear that debt settlement is the most appropriate debt relief strategy for your business, the next thing you need to decide is whether to do it yourself or hire the services of debt settlement professionals. Hiring experts is advisable if you want to get the best results. 

This article will help you in choosing the right professionals to help you come up with a debt settlement program that will keep your business running smoothly. You can also read our related article on credit card debt help. 

Debt Settlement Companies–Which One Do You Hire?

There are many debt settlement companies in the market, all claiming to be the best. However, you need to be aware that there are those that charge you exorbitant fees yet fail to provide the solutions you need. You need to steer clear of these.

Fortunately, there are also a number of legitimate, well-established and trustworthy debt settlement firms offering top-quality services and benefits at a cost that fits your already ailing budget. That raises the question: how do you pick the right one?

What to Look for in Good Debt Settlement Companies

There are a number of aspects and questions that you can ask to differentiate the best business debt settlement companies from the ones that aren’t good. Here are a few things you can expect from well-established professionals.

1. Years of experience. In the period following the sub-prime mortgage industry crash, numerous debt settlement agencies were formed. A lot of these companies may not have adequate experience to negotiate your debt settlement. It is imperative that you go for a company that has been in operation for years and has built a strong reputation for success.
2. End-to-end service. Be wary of firms that present themselves as debt settlement firms when in reality they are just sales groups that hand you over to another firm to deal with your settlement. You need to choose a company that walks with you through the entire process and has the best interests of your business at heart.
3. No up-front fees. Many well established debt settlement firms will not charge you fees until they have completed the task of settling your debt for you. After an FTC ruling that became effective in October 2010, this is not just a matter of ethical business practice; it is now the legal way to charge you for debt settlement services.
4. No hidden fees. Well-established and highly reputable debt settlement companies will not try to get around the law by charging you hidden fees in the form of signing fees or administration fees among other nebulous charges. They will only charge you after providing the service because they are confident in the competence of their professional well-qualified staff.

By identifying a debt settlement company that meets the above standards, among others, you can be sure that you’re working with an legitimate firm that has the best interest of your business at heart. Taking time to make the right choice can save you a lot of money and headaches down the line.

Your business needs a good finance and accounting software solution to manage its funds and debts. Read our expert reviews to land the best one for your needs.

By Astrid Eira

Astrid Eira is a resident B2B expert of FinancesOnline, focusing on the SaaS niche. She specializes in accounting and human resource management software, writing honest and straightforward reviews of some of the most popular systems around. Being a small business owner herself, Astrid uses her expertise to help educate business owners and entrepreneurs on how new technology can help them run their operations. She's an avid fan of the outdoors, where you'll find her when she's not crunching numbers or testing out new software.