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There has been a substantial increase in the demand for debt settlement programs with the recent economic recession. The increase in the demand for settlement programs has led to a surprising increase in the number of settlement companies in the market. While some of these companies are genuine and are working to get maximum relief for their clients there are some companies who are nothing but a con. A customer has to be careful while hiring any debt settlement company.
There are some checks which can help the customer to get a legitimate debt settlement company.
1. The fees charged by the settlement company can give you an ideal about the genuineness of the debt company. Most of the reputed companies would not charge you more than 15% of the total settlement amount.
2. Check the privacy policy of the company. Any company who will settle your debt will also have access to a lot of private financial information. Make sure that the company does not intend to share this with other parties. In case they will have to avoid that company.
3. Most of the reputed companies are listed with some recognized debt relief networks. These networks list only those companies which maintain certain minimum standard.
4. Try to get a background check on the company. Find out how many such cases they have handled. Also the success ratio will give you an idea about the company's performance.
A person having unsecured debt of about ten thousand dollars or more can use debt settlement program to come out of debt. A reputed settlement company can help you get as much as debt reduction of 40% to 60% of the total balance. Here a customer must take care to select the best relief company available.
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Source by Mary Kuriakose
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