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

The following FAQ does not apply to the secured personal loan product. Please click here to contact us for inquiries related to the secured personal loan product.

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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