Locating a Consolidation company
Finding a reliable debt consolidation company can make financial difficulties even more stressful. The amount of information available online about companies is overwhelming.
Even the best advice about debt consolidation can sometimes be confusing or contradictory. How can you filter through the noise and get the help that you need?
How to Get Started in Choosing a Reputable Company
It is essential to do your research before you choose the right debt consolidation company. You should interview several agencies before you make a decision. You are hiring an agency to assist you. Therefore, it is crucial to determine if the agency is committed to doing an excellent job for you.
For recommendations, make sure to ask your family and friends. Perhaps they’ve worked with debt managers and found one they like. Collect as many referrals as possible and add them to your list. Interview each referral.
American Consumer Credit Counseling (ACCC) has put together these additional tips to assist you in choosing a reliable debt consolidation company.
An honest debt relief agency will be open and transparent. You should receive a detailed, clear description of the products and services it offers. You should not ask questions of the agency or find its answers not satisfactory.
Reputable credit counseling agencies will provide honest, practical advice about how to manage your money. You can also get financial workshops and educational materials from the agency to help you create a budget.
A debt consolidation company should charge reasonable fees, which would mean a maximum of $50 per month for a program to manage debt. Costs can vary from one state to the next. You should have free ongoing education about managing your finances, even if it is not necessary to enroll in a debt management program.
Non-profit agencies should be in existence for at least seven consecutive years. Non-profit debt consolidation firms have the advantage of offering their services free or at a low cost because creditors partially fund them.
Final Steps to Choosing a Debt Consolidation company
Reviewing your interview notes is the last and most crucial step in choosing a reliable debt consolidation company. Assess your initial reactions to each company’s information.
What did you think of their conversations? Were you comfortable? Were you unsure? You can remove agencies that you are uncomfortable with from your list.
You should now have a few final candidates. Next, narrow down the list. Contact the Better Business Bureau and your state’s Attorney General to verify that no complaints have been filed against any debt consolidation companies.
Find out the speed at which the company dealt with complaints and whether they were addressed appropriately. This information will allow you to choose the best debt management solution provider.