What should I consider before working with a debt settlement company?

If you are having a problem making your payments or experiencing a financial hardship, please reach out to us to review your financial situation before enrolling with a debt settlement company. We are here to answer your questions and discuss your options. Contact us at payments@avant.com, or call us at 844-240-4539. You can also contact a nonprofit credit counseling organization to discuss your options. Information about Consumer Credit Counseling Services is available online or by phone at 1-800-431-8157.

For more information about for-profit debt management companies, check out informative posts by the FTC or CFPB.

What should I consider before working with a debt settlement company?

For-profit debt settlement companies attempt to negotiate with creditors on your behalf to reduce your debt. Consider all of your options, including working with a nonprofit credit counselor, and negotiating directly with Avant yourself. Below are some key considerations you should know regarding for-profit debt settlement companies before agreeing to work with them:

  • For-profit debt settlement companies typically charge fees to use their services. You may avoid these fees by working directly with Avant or a nonprofit credit counseling organizations such as Consumer Credit Counseling Services.

For-profit debt settlement companies may encourage you to stop making your payments. Depending on your situation, stopping payment could have additional negative consequences, such as becoming delinquent, incurring a late fee or incurring additional interest. Avant has a number of options that may be available to keep you on track.

  • By working directly with Avant or with a nonprofit credit counseling organization, you may be able to negotiate the same outcome that you would get by working with a for-profit debt management company.

If you are having a problem making your payments, please contact us immediately at 844-240-4539. At Avant, we want to ensure our customers have the best borrowing experience possible, and we have a number of options available to you to keep you on track.

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