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So you've explored your options for debt relief, and have decided Debt Settlement is your best option... your next step is to make sure you select the best debt settlement company. The following list of questions can help you determine which company is best for you.
How long has the company been in business?
Clear Debt Solution® opened its first branch in 2005. At the time, Debt Settlement was in its infancy as an industry, and most consumers hadn't even heard of it. As a pioneer in the industry, CDS has helped set the standard for the right way of doing Debt Settlement.
Are they members of TASC? If so, are they accredited? (what this means)
We have been members of TASC for several years, and were the second debt settlement company in the industry to achieve accreditation for operating with industry Best Practice Standards set forth by TASC.
Are their negotiators, consultants (aka debt specialists), and support staff IAPDA certified? (what this means)
We believe training, and knowledge, is the key to providing the best possible service to our clients. As part of our dedication to building the best team possible, we require every employee that works on client accounts, to go through formal training which includes IAPDA Certification.
How was the consultation?
Your consultation can be very telling regarding the quality of company you are dealing with. When explaining debt settlement to prospective clients, a quality company will employ Debt Specialists that fully disclose the risks and downsides of the program (without trying to sugarcoat them). They also should be there to educate you regarding your options, and debt settlement. Lastly, if you feel like you're being pressured into a making a decision, you should consider dealing with a different debt settlement company.
How much are their fees, and when are they collected?
Our service fees are a flat 15% of the amount of debt enrolled in the program, and are collected over no less than half the duration of the program (as of April 24th, 2009). Beware, some debt settlement companies charge based on the percentage of debt saved, which sounds great, but often times ends up costing more overall.
Do they service their own clients?
Proudly, we do. However, many debt settlement companies are simply sales organizations (known in the industry as "front ends"). They market the service and sign consumers up. Once signed up, the clients are handed off to a different company that provides the actual negotiations and customer support.
Are they members of the BBB? If so, are they accredited?
Yes, we are members, and also accredited with the BBB.
Do they have a lot of client complaints against them?
Considering the number of years we've been in business, and the thousands of clients we have serviced, we consider only having a handful of complaints against us proof of our commitment to our clients success. However, our goal is 100% client satisfaction, and work hard every day to make that happen. Also, our record stacks up favorably to virtually any other debt settlement company that has been in business as long as, or have serviced as many clients, as we have.
Is customer service handled by a call center, or a dedicated debt specialist?
Unfortunately, many debt settlement companies care more about their profits than their clients well being. One way they improve profits is to employ either an outsourced or internal call center to service their clients. What that means is, for the duration of the program, when you call with questions or in need of help regarding your account, you will be placed into a queue, and will in most instances, be speaking to someone that knows nothing about you or your situation, and lacks the training to provide high quality support.
We have taken a completely different approach for our clients. Upon enrollment, you will be matched up with a Certified IAPDA Debt Specialist that we call your Settlement Coach. Your Settlement Coach will be with you from day one, and every step of the way through program completion. By far, the most positive feedback we get from clients regarding our program, is appreciation for their Settlement Coach. As a company, we consider the extra expense of certifying, training, and dedicating these individuals to our clients, a great investment.
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