Please Tell Me How To Find A Good Debt Consolidation Company
Posted on August 13, 2009 at 1:10 am
I hope you guys can suggest pointers on how to find a good debt consolidation company. I want to know more abt these guys and what standards they follow and whatnot. Its especially hard since a lot of scammers are out there. What should i look for when i'm scouting for a company to work with? Thanks for the feedback
Posted on August 13, 2009 at 1:53 am
How to find a good debt consolidation company isn't really as easy as it seems. Here are some pointers that I've used based on my experience:
1. Look up the company's listing with the Better Business Bureau. The BBB functions as an organization that protects integrity and a quality relationship between the consumer and the business. The BBB has ratings ranging from A+ to F and are based on the complaints received by the BBB from consumers who have worked previously with the company in question.
2. It would also work to your advantage if the debt consolidation company you wish to work with is affiliated with a regulating body. For debt settlement companies,
TASC membership is a plus; for credit counseling agencies, on the other hand, it would be membership with the
NFCC.
Posted on August 13, 2009 at 2:36 am
Also try to keep away from companies who insist on having you sign agreement papers quickly or avoid making discussions with you on how their program works, how their fee structure functions, etc. They should at least offer a consultation with one of their representatives and help you go thru your current financial situation with you.
Posted on August 13, 2009 at 10:15 pm
You may also be able to find a good debt consolidation company at your local church. More often than not they can recommend non-profit organizations that can help you out. After all they are performing a public service, so I guess this method can work for consumers, especially those in a tighter financial bind.
Posted on August 13, 2009 at 10:54 pm
Is it true that consumers should avoid debt consolidation companies based in Florida or Maryland? I've read a tidbit of that on the web and I need to verify my information
Posted on August 14, 2009 at 2:15 am
From what I know, the reason for that is because Florida and Maryland don't regulate credit counseling services.
Posted on September 2, 2009 at 4:55 am
How good is debt consolidation?
Posted on September 2, 2009 at 5:00 am
What do you mean by how good is debt consolidation? Or rather which debt consolidation service are you referring to? Credit counseling or debt settlement?
Credit counseling is good for consumers who have high interest rate debts and a total debt amount of less than $10,000, as the counselors negotiate the consumer's interest rates.
On the other hand, debt settlement is good for consumers with larger amounts of debt (more than $10,000) with past due accounts, as those make more sense with the creditors to negotiate.
Posted on September 2, 2009 at 5:03 am
How good is debt settlement over debt consolidation? Or are they one and the same?
Posted on September 2, 2009 at 5:09 am
How good is debt settlement over debt consolidation? Or are they one and the same?I got confused there for a while..but I think that debt consolidation pertains to the Debt Management Plan from Credit Counseling services and debt settlement is also known as debt negotiation.
How good is debt settlement over debt consolidation? I wonder where I can find a head to head list of drop outs. Or an estimate...I want to find out which program has the most number of drop outs..
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