Regulation of Debt Settlement Companies

So if you’re having difficulties paying your debts in Illinois, there are a number of things you can do to keep yourself safe from a debt settlement scam.  Make sure the company you choose is licensed and bonded by the State.  This is easy to do on the Secretary of State’s website: http://www.secstates.com/IL_Illinois_Secretary_of_State_Corporation_Search/.

You should also make sure that any debt settlement firm you enroll with is following Illinois law when dealing with you.  If you aren’t sure what laws a debt settlement firm has to follow, there are a number of free legal sites including one run by the state of Illinois, where you can look up Illinois statutes. 

Finding out whether the debt settlement company is following Illinois law is simple.  Look at their website, especially their fee structure.  If they don’t tell you what your fee structure is up front, it’s probably not a good idea to enroll with them.  While you’re at their website, take a look at their case studies and testimonials. 

If you decide that the company is the one you want to enroll with, make sure you read the contract.  Ask about anything you don’t understand before you sign a representation agreement.  And even after you sign, make sure you keep a copy of the agreement where you can find it. 

Finally, you should never trust a company that says they don’t have to comply with Illinois law when dealing with you.  If you live in Illinois, any company dealing with you must comply with Illinois law regardless of where they’re headquartered.

Finding a debt settlement company is easy.  Finding the right debt settlement company is hard.  The best way to get debt free in Illinois is to make sure you enroll with a debt settlement company who will help you within the law.