Editor's Note: This review has been removed from our side-by-side comparison because it no longer ranks as a top 10 product. The original review is below, but check out our current top 10 about Debt Settlement here.
For a little more control over your situation, you may consider NegotiateBills.com. This company is a law firm that has a web page that makes them look nothing like a law firm, but that is far from the most important fact about this company. The most important fact about this company is that they do debt settlement without following the traditional model. This firm missed the top of the rankings because we don't feel this self-directed model is for everyone, but they still outrank most in our lineup for maintaining their excellent reputation in a business field with a bad reputation.
Instead of collecting the money you would have spent on barely keeping up with your monthly payments, NegotiateBills helps you set up your own savings account. You monitor your own savings and you keep control of your own savings. Meanwhile they work out deals with your creditors so that your savings will have somewhere to go.
Many settlement firms instruct you to send your savings to them. They handle everything from there. If they're trustworthy, that’s great. If they are not, that’s a problem. At the end of the day we prefer one that does all the work for you, that’s trustworthy. NegotiateBills.com appears to be trustworthy but they don’t do all the work for you.
They let you manage your own savings.
Many of the people in the market for debt negotiation are there as a result of their inability to manage their own money. In the NegotiateBills.com model, they are still mostly in charge of their situation, and that might not be the best idea. However, there are those who just had a few unplanned expenses that landed them in dire financial circumstances. Those candidates for debt settlement, along with reformed recreational spenders, may benefit from this type of system.
NegotiateBills.com charges 10-15 percent of whatever debt amount they are settling for you. That’s a fairly average amount in the industry. They collect the 10-15 percent in a number of ways based on your individual circumstances.
This firm is not our favorite for ease-of-use. For the more responsible borrowers it might be nice to have that much control over your savings and the final word on all settlements. However, if you have reached the point of needing a debt negotiation firm, chances are you don’t have time to think about any of that.
You would hire a debt settlement firm to handle everything. You would not want to be in charge of your own savings patterns. You would not want direct contact from your creditors. You would just want to concentrate on making money to get out of debt once and for all.
Industry groups clearly approve of this model. NegotiateBills.com has a good reputation. Unbiased entities have studied NegotiateBills.com’s response to customer complaints and they are satisfied with the responses.
NegotiateBills.com is affiliated with an online business bureau as a trusted site and the Callshield program, which can redirect harassing phone calls.
The NegotiateBills.com model is different from many debt settlement firms. It’s not our favorite because we don’t think it will be great for every type of consumer. The ones with some discipline will love this method. Clients maintain direct control over their own funds. For some people, maintaining direct control over their funds is what got them in a financial mess in the first place.