According to the Better Business Bureau, debt negotiation (or debt settlement) companies claim to negotiate with lenders to lower the amount of total debt owed, usually taking payment via an upfront fee. Debt negotiation services differ from debt consolidation services, which combine various debts to create a single--potentially lowered--monthly payment. The BBB warns consumers to be wary of debt negotiation companies; some have been known to take their upfront fee and run. The BBB advises against using debt elimination services that claim that credit lines are illegal. The BBB recommends that consumers start with a credit counseling service.
Debt Negotiation Services
Debt Negotiation Services (or DNS) touts itself as "the original debt settlement company," founded in 1998. According to the company's official website, DNS employs debt specialists to get customers out of debt, keep them free of debt and plan a secure financial future. These specialists teach DNS customers how to deal with difficult creditors and collection agencies and help customers develop a stable personalized budget. DNS works with creditors, receiving bills and taking calls in place of clients, establishing special debt-targeted bank accounts and working with credit card companies to negotiate smaller total debt amounts. The Better Business Bureau issues a code of ethics recognition to Debt Negotiation Services. Contact DNS at 1-866-DEBT-DNS or visit its official website.
Debt Negotiation Services Corporate Office
477 S. Rosemary Ave. 323
West Palm Beach, FL 33401
877-964-6404
havedebt.com
My Debt Relief
Debt settlement company My Debt Relief offers both debt consolidation and negotiation services to consumers in financial need. According to its official website, My Debt Relief is a fast-growing company that helps consumers negotiate, consolidate and eliminate debt via negotiating with creditors and informing customers. Founded in 2005, My Debt Relief employs a team of debt negotiators accredited by the International Association of Professional Debt Arbitrators (IAPDA) and trained and certified by Arbitrain Training Systems. Once these negotiators help consumers get out of debt, they offer plans for staying that way. My Debt Relief offers online consultation at their official website or phone consultation at 888-599-2160; its program claims to free consumers from debt in 36 months or less with an "affordable monthly payment."
My Debt Relief
3500 Oak Lawn Ave.
Dallas, TX 75219
214-599-2160
mydebtrelief.com
Preferred Financial Services
According to the company's official website, Preferred Financial Services is a debt negotiation company that reduces credit card balances, decreases future interest charges, cuts down monthly payments and helps consumers avoid bankruptcy within a 36-month period. PFS' figures state that by using debt negotiation to reduce the amount of money owed and the time it takes to pay it off, the company saves each client an average of $33,907 of future interest charges and reduces total debt by an average amount of $13,800 (as of 2010 data). PFS does so via a customized program. The Center for Financial Certifications and the United States Organizations for Bankruptcy Alternatives accredit Preferred Financial Services. Interested clients receive consultation over the phone at 866-410-6604 or at PFS' official website.
Preferred Financial Services
300 Brickstone Square
Andover, MA 01810
866-410-6604
pfsdebtrelief.com
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