#95: Pros and cons to debt settlement companies

Join Josh and Emily to discuss debt settlement companies. What should you look for, what are pros/cons, what are red flags?

Top takeaways:

1. Some just do things that you could do yourself.
2. Look for connections with other reputable organizations or certifications.
3. Start by asking what the process will look like–and look for transparency.
4. Consider starting with the bank directly before reaching out a debt settlement company–BUT be aware of potential minefields.
5. If there is an attorney involved, you should not talk about any of the settlement etc. so you don’t break (have your client break) attorney-client privilege.

Resources mentioned:

• Credit Counseling Services
• NEFE

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