Watch Out for Debt Management Companies

Watch Out for Debt Management Companies

Watch Out for Debt Management Companies

Every day you must come across multiple advertisements from debt management solution companies promising to make you debt free in lieu of any money. But how trustworthy are they? How can you be assured that the company you are choosing won't dupe you of your much needed money? Read on to find the answer.

Debt Management Solutions Company

Choosing a debt management company is not an easy task. There are several things to consider before opting for a debt solution provider. Some key points that can't be overlooked are discussed in below.

A Thorough Background Check of the Debt Management Company

It is ideal to do a thorough verification of a debt management company. The Better Business Bureau is the best place to get the verification. Besides this, you can also check consumer protection agencies or your state attorney general's office. Remember, it's not unusual to find complaints, but you need to make sure that all past issues have been resolved.

Beware of Non-profit Debt Management Agencies

Be careful of the non-profit status that many debt management agencies use to woo clients. They are so convincing that they will make you believe that their higher fee is negligible. Don't buy it. You can get the same assistance from a genuine debt management solution provider and for reasonable low fee, too.

Be Careful of Debt Management Companies' False Promises

Many debt management agencies claim to clear negative information from their clients' credit histories. Well, to tell the truth, no debt management solution company has the authority to make any changes to your credit report. They can at best negotiate with creditors to remove negative information, but nothing more than that. So don't give in to any debt agencies who promise to clear your name.

Emphasize a Written Agreement

Whether online, over the phone or face-to-face, conversation is not enough to make a commitment with a debt management company. Ask for a written agreement in which all clauses and conditions are clearly mentioned before you decide to make a payment.

Get Clear Details about How Debt is Handled

Remember, just choosing a debt management solution provider will not put your stress to rest or make you debt-free. You need to follow up and get updates about their work. Unless the company starts your pay-off immediately, don't stop paying your creditors. One late payment can augment your pay-off amount and your creditors might also report you to credit reporting agencies. It is recommended not to take this issue lightly.

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