As such, it is difficult to find any disadvantage of debt settlement. As you would know, settlement of debt is a solution that is designed as an alternative to bankruptcy. Can you find anything to criticize in a solution that will help you avoid bankruptcy?
You will find criticism only if you feel that bankruptcy is a preferable option. If that is a case, then no debt relief option will work for you. It is only when you understand the horrors involved in bankruptcy and it is only when you are completely opposed to it will you even think of any other alternative.
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In my opinion, the biggest problem with debt settlement is finding the right service provider to help you out. Settlement, although not as complicated as bankruptcy, involves many technicalities and complexities. In case of bankruptcy, you just have to deal with the court.
At the very worst, you have the option of confessing that you cannot afford a bankruptcy attorney and request the assistance of the court. However, if you walk into your credit card issuer's office and confess that you cannot afford a debt settlement professional, you certainly going to be cheated.
Chances are high that you will be referred to a service provider who is more interested in getting the best possible deal for the credit card company. Or, the company might simply twenty% discount and expect you to be satisfied with it.
You can overcome this disadvantage by making use of the World Wide Web. You can make use of the service providers available online to find out more about debt settlement. You can compare the quality and efficiency of debt relief service providers and determine which option is a best one.
You can get news about the various legal actions taken by attorneys general of various states against fraudulent companies. You can find out how debt settlement companies are trying to exploit innocent customers. You can use all this information to find the best debt settlement service provider.
In my opinion, if you overcome this complication, then there is absolutely no disadvantage involved. You just had to keep your an eye on credit score and credit history.
Further, you will have to do some tax planning as the money that you save from your lender will be treated as your income. Make sure you get this point clarified as you may end up with a notice from the IRS for violating the law.
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