What's A Reputable Debt Consolidation Company
Posted on July 27, 2009 at 2:10 am
hi, i am new on these forum things, especially in debts, and i have just suffered a lot of debt problems due to a decrease in salary. it's been sad really and i know i still have options to work on. i'm looking for a reputable debt consolidation company that can suit my needs. what do i also have to look out for in terms of searching for the right agency that will work for me? thank you for your answers and have a blessed day
Posted on July 27, 2009 at 3:01 am
Welcome to the Forum!
A reputable debt consolidation company, ideally, has very few complaints with the
Better Business Bureau, and is affiliated with third-party debt consolidation associations. Examples of these are the
TASC for debt settlement companies, and
NFCC for credit counseling firms.
Posted on July 27, 2009 at 3:36 am
what does the BBB's ratings say about a reputable debt consolidation company?
Posted on July 27, 2009 at 8:54 am
The BBB rating will give the reputable debt settlement company a grade (based off of several factors), such as a B- or an A, and it will also provide general information about the company, such as the business start date and the number of employees.
Posted on July 30, 2009 at 11:30 pm
Most financial analysts I read on the web strongly suggest that I should get a non-proft debt consolidation company so I could be able to receive the help that I need. However I need to know if it has to do with them being a reputable debt consolidation company
Posted on July 31, 2009 at 2:27 am
Well, being non-profit doesn't necessarily equate to being a reputable debt consolidation company. For one there are no such non-profit debt settlement companies (which is a form of debt consolidation, by the way). And not all non-profit credit counseling agencies claim that they are reputable as well; some of them claim the non-profit title as a way to gain more clients, only to lure them into signing up on their program, and to charge the consumers "voluntary fees". Some of these companies actually have been sued due to misrepresentation and have closed down because of this problem,
Posted on July 31, 2009 at 2:44 am
How much does a reputable debt consolidation company charge their clients?
Posted on July 31, 2009 at 3:22 am
That depends... For debt settlement typically 15% of the total debt amount, which is the average of the industry.
For credit counseling, it would at least be $25-30 a month I think....
Posted on August 7, 2009 at 3:44 am
Is a reputable debt consolidation company also duly authorized by the local Attorneys General?
Posted on August 7, 2009 at 4:34 am
As much as possible, they should be--as far as I know, most debt consolidation companies are able to work in all fifty states. Andrew Cuomo of New York in particular is very vigilant about debt settlement companies working in his state, particularly if they are not working to the vested interests of his co-New Yorkers.
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