Why Debt Settlements Companies Get the Shaft from Better Businesses Bureau

Photo By Andres Ruedas

It’s no secret that Better Businesses Bureau are not fans of debt settlements companies. According to the Better Businesses Bureau, most debt settlements companies do not do what they’re supposed to do, which is ensure that creditors are getting paid as agreed to by the consumer.  This would be a serious problem if it were true in most cases.

According to The Association of Settlement Companies, the Better Businesses Bureau “felt that the creditors had a right to get paid and that debt settlement obstructed that right. Included in this general line of thought was that debt settlement companies tell consumers not to pay their debts or that the business model ‘educates’ consumers not to pay their debts.”

Unfortunately for the Better Businesses Bureau, this could not be less true of most of the debt settlements companies out there today.

How Debt Settlements Companies Offer Fair Representation:

While Better Businesses Bureau has countless qualms about the practices of Debt Settlements Companies, the majority of debt settlements companies offer fair representation.

There are laws that ensure that debt settlements companies must follow certain standards. Here are some examples of how debt settlements companies offer the reliable services:

• Consumers are screened for suitability for the plan
• Plans are fully and accurately explained
• Fees are fully and accurately explained
• Important disclosures are made
• Service agreements are in writing
• Service expectations are set
• Settlements are properly authorized
• Settlements are properly documented
• Creditors may continue collection efforts on delinquent accounts including phone calls, letters, hiring collection agencies, filing lawsuits or even garnishing wages.
• Debt settlement companies cannot force a creditor to negotiate or settle a debt.
• Fees paid to a debt settlement company are not funds to be used for settlement.
• Creditors may not be contacted immediately.

However, for Better Businesses Bureau these rulings are not enough.

Why Better Businesses Bureau is Anti-Debt Settlements Companies

Better Businesses Bureau places the responsibility which should rely on individuals to that of the debt settlements companies. The Better Businesses Bureau states that one reason they are dissatisfied with the current debt settlements companies is because most people don’ t know that debt consolidation is not the same as debt settlement and negotiation. However, isn’t knowing this the responsibility of the consumer to realize before choosing debt settlements companies to work with?

One big qualm the Better Businesses Bureau has with debt settlements companies is that some take your money every month, but don’t make monthly payment to your creditors.

Debt settlements companies not paying creditors directly is a big problem in the field and I don’t like those companies either. Debt settlements companies are there to help you pay off your debts and any debt settlements companies that don’t directly do that are not working in the best interest of the consumer.

I have a problem with THOSE debt settlements companies. However, for the Better Businesses Bureau to hinder an entire industry based off a few irresponsible companies is detrimental. The debt services industry is one in which customers’ needs must come first – as it is a sensitive time in their lives. The fact that many are willing to take advantage of people in that regard is awful, but most debt services companies work with the interest of the consumer in mind. These companies need to be rewarded and thanked by the Better Businesses Bureau for helping to make these distressed lives a little bit easier.

As a qualified leader in the marketplace, Joshua Just has several years of experience and extensive insight into debt settlement companies.

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