Debt Management - How to Find Reliable Help When Negotiating a Debt Settlement

There is nothing wrong with deciding you need some help in solving your debt problems

. Most creditors want and need your business and they are often more than happy to work with credible organizations willing to step in on your behalf if you are serious about repaying your debt. A reputable nonprofit credit counseling organization will help you evaluate your financial situation, discuss your options - even bankruptcy if that is warranted, and outline a realistic budget plan to avoid future problems.

Before you put your faith and trust into a credit counseling organization however, it's wise to do some research. If you are making a selection to fulfill bankruptcy-filing requirements for instance, make sure you find a U.S. Trustee approved provider for your judicial district. Your bankruptcy filing clerk can give you this information or you can get if from the U.S. Trustee Program. Regardless the reasons you seek credit counseling, there are some key questions you want to ask first:

Vetting a Credit Counseling Service - Questions to Ask

What are the services available and what do they cost? What if you can't pay?

What are your legal rights and what steps can you take on your own?

What certifications or training do the counselors and organization have?

How do they ensure your personal information remains secure?

Are employees paid on salary or commission? Are they compensated if you donate to the organization?

Are all promises clearly documented?

Will the same offer be available the next day?

How can they help you avoid future financial problems?

Once you've answered these questions, resist the urge to sign up with the credit counseling organization right away. A legitimate offer will still be available the next day. Take the time to read all documentation, especially the fine print. Make sure you understand what the organization will deliver, what your responsibilities are, and get all promises and expectations in writing.

There are many different consumer credit counseling services and you should have no trouble finding one in your area. Before you sign up with anyone though, get recommendations, check them out with your local Better Business Bureau, and your state attorney general's office. Working with a reputable credit counselor can help you find the debt relief you need by negotiating with creditors on your behalf, but you must take the time to shop around and ask pertinent questions.

Debt Management - How to Find Reliable Help When Negotiating a Debt Settlement

By: Mark Andrade

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