Debt settlement companies that are involved in other forms of debt elimination or reduction is a concern because it gives the impression that they are not committed to one best solution for their clients. It seems like a conflict of interest situation, too. There is no evidence that Elite Debt management is involved in more than one type of debt reduction option, but they make statements that give that feeling, as well as the refusal to fully debunk the options in a way that shows that they take only one approach.

Be cautious with this company.

Quick facts about Elite Debt Management:

Founded in: January 2008

Years in Business: 1

Number of employees: Not disclosed.

BBB Rating: None, too new for enrollment.

BBB complaints: None.

Free Information: Via their website form or toll-free number, or by perusing their website.

Escrow or Payment Plan Available: Yes, and they emphatically state that it is YOUR account.

Source of Funds: Your monthly payments.

Fee Structure: They have a range of between 12 and 15% of the amount of debt that you enroll into their program depending on your situation, but they give no details as to what the criteria are by which that fee is set. There is no monthly fee, either.

Avg Settlement: Not disclosed.

Refund Policy: None given.

About the Company

based in Plano, Texas, this new debt settlement company is light on details and gives only the standard information about debt settlement.

Beginning the Process

Contact them via their 800 number or their website form.

Types of Debt Serviced

Unsecured.

Worth Noting

They also offer Credit Counseling, but how that plays into debt reduction is not really delved into. They only state that the service is available to those who want to take advantage of that service from them.

Program Caution and Your Responsibilities

You must use caution and make sure that you read the agreement and you know what your responsibilities are before signing up for the program.

Will Debt Collectors Still Call?

This is not addressed in their FAQ section on their website.

Other Information

Because this is a relatively new company in the debt settlement business, you will want to ask additional questions about them. How many clients do they have now? What is the average percentage that they have been able to settle for on behalf of their clients? Most companies say between 40 and 60 percent of their total debt with individual creditors. It would be nice to speak with existing customers, but that might not be possible, given privacy rules, etc.