Debt settlement companies, also sometimes called “debt relief” or “debt adjusting” companies, often claim they can negotiate with your creditors to reduce the amount you owe. Consider all of your options, including working with a nonprofit credit counselor, and negotiating directly with the creditor or debt collector yourself.

Who are the companies involved in the Think Finance settlement?

The claims involved in the Settlement arise out of loans and lines of credit made in the name of three companies that are owned by Native American Indian Tribes; Great Plains Lending LLC, Plain Green LLC, and MobiLoans LLC (“Tribal Companies”), and one bank, the First Bank of Delaware (“FBD”).

Do you have to be licensed for debt settlement?

Some states require debt settlement companies to be licensed. You can check with your state regulator or ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is. You can also view the Federal Trade Commission’s page on ” Coping with Debt ” for more information.

Which is the best company to get out of debt?

National Debt Relief has several examples of massive reductions of credit card balances on their website, showcasing their abilities. National Debt Relief was founded in 2009 with the main mission of helping consumers get out of debt through a reliable debt settlement program.

What are the fees for a debt settlement?

1. Fees Many debt settlement providers charge high fees, sometimes $500-$3,000, or more. But these fees are not applied to your debt – they go straight into the agencies’ pockets. By the time these fees and future interest is added onto your total payment, any savings from the agreed settlement could be wiped out. 2. Credit score reduction

How long does it take to get a debt settlement?

Your creditors may prefer to work out a settlement with you than pay the legal expenses associated with going to court. However, you must be prepared, with a good chunk of change, to pay a lump sizable lump sum to achieve the settlement. Debt settlement can take a few years to achieve, and that’s if your creditors agree to settle.