How to find a bona fide debt consolidation firm?
The recent spate of scams that has tainted the debt relief industry is indeed a cause of anxiety for most consumers who are nose deep in debts
. Often it gets very difficult to distinguish a fraudulent debt relief company from an authentic one. Are you thinking of consolidating your debts and frantically looking for a genuine debt relief company? If your answer is assertive but you are not sure how to search for a bona fide debt consolidation firm, then this is what you should seek to get hold of a company that offers authentic
debt consolidation services:
Conduct a market research: The first and foremost thing you need to do is conduct a market research on companies that offer debt consolidation services. Compare the quotes that each of the companies offer so you can get the best deal.
Look for firm with affiliations: Check out if the company you have zeroed in on is accredited by Better Business Bureau or affiliated to any pro-consumer group. Such affiliations testify to the company's integrity and assure you that your debt issues are in safe hands.
Check out the company's past record: It's very important to know how long the company has been operating. Also find out the company's past record of successful debt consolidation. The company is likely to be a reputable one if it has been offering successful debt consolidation services for a long time.
Ask for credentials and testimonials: Ask the company to provide you with the credentials and testimonials that establish the company's past record of successful debt consolidation. If the company is reluctant to provide you with the same, then the company is likely to be a fraudulent one.
Go for a licensed company: Make sure the company you are signing up with is licensed to operate in your state. Also check out whether the company's attorney is licensed to practice in your state or not.
Consult your friends and relatives: Before you sign up with the company, do not forget to ask your friends and relatives about the company's reputation.
Search the internet: Also search the internet to find out the company's reputation. You can Google the company's name and then log on the various debt relief forums and discussions and get a fair idea about the company's reputation.
No personal information requirement: If the company asks you to provide all redundant personal details such as your Social Security Number, account information etc, bid the company goodbye immediately.
Avoid companies demanding upfront fees: Under the new FTC (Federal Trade Commission) guidelines, no debt relief company must charge you any upfront fee. So, if you come across any debt consolidation company demanding upfront fee, do maintain a safe distance from it.
Read the contract carefully before signing: It is very important to read the contract very carefully before signing on them so you are safeguarded against any kind of debt consolidation scam.
Avoid a variable interest loan: If the company offers you a loan with variable interest, smartly avoid it and start looking for other options.
Scam debt relief companies do exist in large numbers; but that should not make you feel that all the companies are fraudulent and are only there to cheat on you. In fact, there are many bona fide debt relief companies ever ready to extent their support to distressed consumers. So, the next time you look out for a good debt consolidation company, do not lose your calm and just keep the above mentioned points in mind and be assured; your debt consolidation experience will be great!
How to find a bona fide debt consolidation firm?
By: B G
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