10 Questions to Ask a Debt Settlement Company

October 25, 2010  |  

(Black Enterprise) — Debt settlement might seem like an easy out, but there are many risks involved. Learn what to watch out for by reading part one of this post, What You Should Know Before Settling Your Credit Card Debt. If you’re considering hiring the services of a debt settlement company, get as much information as possible about the process. Before you sign on the dotted line, here’s a list of the top 10 questions you should ask.

1. What are your fees? Most of the fees should be based upon performance and results. Many companies charge a flat fee based upon a percentage of your debt amount. Their fees are collected in the beginning months of the program, even if no settlements are completed. If fees are based upon a percentage of the debt and not tied to results, this is a big red flag.

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