By Jeff Grosse
As I mentioned before, I have been doing debt settlement now for over 5 years. One thing that is different these days is that creditors and collectors are accepting lower settlements than ever before. Due to laws and guidelines that are put into place by the FTC, a reputable debt settlement company is only allowed to give you an estimation of what you will save. In the past few weeks I have personally settled with Chase, Citi, Bank of America, American Express, and Advanta. All of these settlements were for a 60% savings or more of the original debt. One of them even had a pending judgment on it. I have posted most of these settlement letters in the “past results” section of our website.
This will not happen in every case, but it is becoming very common. When selecting a debt settlement company it is very important that you watch out for false promises. A good company will always give estimations and never promise exact numbers. Always ask them to see some past results that they have achieved. There are a lot of companies out there that have probably not even settled a single account. Don’t become their practice run. Go with a company that has proven success.
