The Criteria Of Good Debt Management Programs

Choosing

Choosing

the ideal debt

management

program to suit your particular debt issue is not easy. There are so

many companies and agencies with false claims and promises that you

end up being too wary and perhaps a little skeptic on how the legit

companies can actually help you lose your debts in just a few simple

steps. Another thing that bugs you is that even if you have found a

list of legit companies specializing in managing debts, how do you

know which one is the right one for you?

Before

you decide to engage a debt-help company to assist you with your

financial problems, you should first know the considerations of good

debt

management

programs. Based on the guidelines, you will at least have the general

idea on what you should expect to gain from these agencies or

companies. Bear in mind that not all companies will be able to

fulfill all the considerations but the rule of thumb is that a good

program should be clear, simple and does not make you feel

uncomfortable when signing up for it. The guidelines in choosing the

best debt management program are as follows:

You

should always look for debt management companies that are licensed,

registered, certified and accredited by relevant government bodies

such as the Federal Trade Commission (FTC) or the Better Business

Bureau (BBB). Some companies claim to be non-profit but dont be

fooled into thinking they wont be charging you certain fees

because they will.

2)Transparency

and clarity are the characteristics of a good program. No hidden

agendas or surprises. The companys representatives should be able

to answer all your questions without seeming like they are hiding

anything from you. If you do not understand anything at all, ask. If

they are reluctant to answer your questions, they are likely hiding

something and will probably not disclose certain information before

you sign up for their program. That is a sure sign that you should

just up and leave.

3)No

debt

management program service

should start making suggestions or giving you fees quotations before

even looking at your credit statement or your financial background.

Companies that do that are merely interested in making money than

actually helping you manage your debts and eventually free yourself

of them. A good debt management program advisor will definitely ask

to see or find out more about your credit status, large purchase

activities, your list of creditors, interest rates as well as minimum

payment amounts. It is only based on these vital information that

they will be able to assess the extent of your financial problem and

come up with a plan to help you.

4)If

a debt management company refuses to give you any information in

writing, you should prepare to walk out the door. Nowadays it is very

important to get everything in writing especially when it comes to

fees and additional charges as people can simply promise anything

verbally. You dont want to be caught off-guard when they charge

you with a fee that is not listed in their fees and charges column. A

good debt management company will be more than happy to give you a

written version of their program in order to help you understand it

better.

5)Personal

credit information is private and confidential. You definitely do not

want any information about you and your credit status to be leaked

out to any party without your consent. Ask about privacy policy and

the necessary steps the company will be taking to ensure that your

information will be safe-guarded and not given to any other party

without a written consent from you.

6)Debt

management companies will definitely charge you for their services

but a good one will not overcharge you and they will not surprise you

with hidden fees as your program progresses. Get their representative

to clarify all the fees and charges that have to be borne by you in

writing with full disclosure to avoid future disputes.

Now

that you know some of the considerations of a good debt management

program, you can easily spot the bad ones from the good ones. If need

be, you can even quiz them on terminologies such as debt

management consolidation,

debt settlement or home equity loans and see if they can

differentiate all three terminologies. If they cant even do

something as simple as that, how are you going to trust them with

something even more complicated like your debts?

by: Ask Bill

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