Non-Profit Debt Resolution
Posted on June 23, 2009 at 2:55 am
HEllo there, need ideas on non-profit debt resolution. i have just lost my job and need help on taking care of my debts. apparently when you ask help for counseling and whatnot you will need to pay for something upfront.
do you have any idea how to acquire the services of these guys
thanks and have a good day
Posted on June 23, 2009 at 4:33 am
Not all non-profit debt management companies are legitimate. I mean sure they may be helpful and all that but some of them may ask for "voluntary contributions" up-front. If you do encounter an organization like that I suggest that you steer clear of them.
Posted on June 23, 2009 at 4:51 am
Actually, this is how it works. As private debt management companies began to pop up, consumers were encouraged to hire the services of non-profit debt management firms. The assumption was that the for-profit services were commission-based, whereas the non-profit firms were working on a public service.
There's a big difference between "non-profit" and being a "charitable" organization. Yes, a number of debt consolidation firms claim to operate on a non-profit basis, but it doesn't necessarily mean that their services are more affordable.
Posted on June 23, 2009 at 5:30 am
how do you know if the company is legitimite or not?
Posted on June 23, 2009 at 5:54 am
MotownBaby-
To find out if a company you have in mind is legitimate or not, check if the company is listed on the Department of Justice website. It allows you to see if the organization is government-approved or not. It also helps to check out how they rate at the Better Business Bureau website (http://www.bbb.org). That way you're able to find out how customers have responded to the company's services.
Posted on June 23, 2009 at 6:40 am
I think it's really sad how a lot of companies mislead their clients into thinking that because they're 'non-profit,' they have their clients' best interests in mind. The FTC reports that even some go as far as violating telemarketing laws, because charitable organizations are exempt from them. You can actually ask for proof of non-profit status from these guys if you really want to find out.
Another fact I find rather disheartening is that some of these companies use religious affiliations on their names or websites. While some may actually have genuine connections to spirituality, some are merely using these as tools for you to trust them, and achieve what they want.
Posted on June 23, 2009 at 7:00 am
I agree with PurpleCow. Check out the BBB record. It always, always pays to be extra careful. You can also try asking how their employees are being paid, and if the contributions they charge go towards the employees
Posted on June 24, 2009 at 11:24 pm
Your best bet for getting a non-proft agency to work with you is to check if they are accredited with the National Foundation for Credit Counseling; they are an accreditation agency aiming to uphold industry standards among credit counselors. The organization also fucntions as non-profit.
Posted on June 25, 2009 at 1:24 am
If i go for counseling, how long will i have to pay off my debt? Ideally i want to pay it off for a shorter period of time, I don't want to be in debt for very long
Posted on June 25, 2009 at 1:56 am
If you go for a debt management program offered by the credit counselor it may take 3-6 years before the debt will be paid off.
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