Here’s a check list of questions to ask a Debt Settlement Company:
Some times there’s a law firm that offers debt settlement but they are usually out-of-state and to really have a law firm which is accountable to you, they MUST have a physical office in your state.
One of the reasons that they don’t present all 4 MAJOR OPTIONS is because they simply DO NOT UNDERSTAND THE DETAIL WORKINGS OF THE 4 MAJOR OPTIONS. They haven’t even been involved in the 4 Major Options, yet they are pontificating based on false information (some would say deliberate lies) and no experience.
Another point that should be made is that when they attempt to do any type of financial analysis and present it to you in the form of a chart, their analysis is usually flagrantly defective because again they really don’t know what they are doing. They guess at the analysis and make it skewered in their favor.
If they are supposed to be ‘certified debt counselors’, shouldn’t they be able to substantially and accurately tell you what any option will cost? They can’t and this goes to the heart of the matter.
If these certifying agencies had real teeth, they could and would suspend a company’s license to practice their trade or profession. This does not happen. However, a Debt Settlement Company will tout their certification as if they have been anointed into sainthood. Nothing could be further from the truth.
In Connecticut, there’s not one Debt Settlement Company which is licensed by the Connecticut Banking Department and they aren’t accountable to any state agency for their actions. We have seen on Wall St what happens when the regulators are asleep at the switch and this is a situation where there are regulators!! There are no state regulators for the debt settlement companies.