Choose reliable help to get out of debt
February 9, 2009
If you are in debt, or you know someone who is, there’s a pretty good chance you are looking for some assistance and professional guidance.
Getting help to deal with your debt and get your budget under control is smart. What’s even smarter is making sure you know exactly who you are doing business with and that you are working with a reputable company.
Television and radio stations are flooded with advertisements from all types of debt relief companies. One industry in particular that is advertising heavily is the debt settlement industry.
It is good to remember the old advice of, “If it sounds too good to be true, it probably is.” Some of these companies make lofty promises, but how can you be sure the company will keep those promises?
Before choosing to work with a debt settlement company, or any debt relief agency, please take some time to do some research. The tips below are good guidelines when it comes to working with a debt relief company.
Be wary of companies that:
· Cold call or solicit a consumer out of the blue.
· Charge high fees, especially if the fees are paid up front.
· Ask consumers to sign over power of attorney.
· Will not send free information about their services and fees.
· Encourage consumers to sign up for a plan or program immediately without first sending the consumer the program’s details in writing.
· Pay their employees based on commission.
· Don’t offer financial education as part of their plan or program.
When choosing a debt relief agency, consumers should look for a company that:
· Is a non-profit organization and preferably a member of the National Foundation for Credit Counseling, such as Advantage Credit Counseling Service.
· Is in good standing with the Better Business Bureau.
· Is accredited.
· Discloses information about the fees and details of their plan or program in writing before requiring a consumer to sign up for anything.
· Offers a comprehensive financial education as part of their plan or program.
· Adheres to any state or federal laws, including licensing requirements.
You can check a business out with the Better Business Bureau at www.bbb.org. There are also a number of consumer-oriented web sites that offer information about companies.
Comments
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