subject: Debt Consolidation Problems - Checking Your Eligibility [print this page] Debt Consolidation Problems - Checking Your Eligibility
Many companies paint an unrealistic picture of debt consolidation, promising funds to virtually anyone that steps into their offices.
While many organizations can indeed streamline your monies owed into a single monthly payment, there are certain requirements that must be met in order to qualify for these services.
Aurora Lillo Editor of the "Best Debt Consolidation Services" website -- http://www.BestDebtConsolidationServices.net -- pointed out;
"...Before you are scared away by this problem, however, realize that the basic requirements are very simple to meet. In fact, most debt-relief programs do not even require that you submit yourself to a background check in order to qualify. Organizations dedicated to eradicating monies owed are likely to want you to prove that you have a job, that you have a significant amount of debt and that you are behind on your payments by at least a few months..."
Job
It stands to reason that if you do not have a regular job bringing in money every month, you will not likely be able to make monthly payments to your debt-relief organization. For this reason, almost every consolidation agency in the world will ask you to show proof that you have been employed (are are currently employed) for at least 90 days prior to submitting your application. This requirement is very basic and therefore does not pose a significant problem for the majority of men and women applying for consolidation services.
Significant Debt
A consolidation organization is a business and just like any other company, they want to make sure that they are making a significant profit from their services. Many organizations do not want to spend their manpower on nickel and dime cases and will therefore only approve cases involving at least $2000 of unsecured monies owed (i.e. credit cards, medical bills, personal loans). By the time many men and women seriously consider employing the services of a financial relief organization, they owe much more than the minimum acceptable amount for most debt-relief companies.
Proved Lapses
"...If you are scraping by, making monthly payments on time every month it may be a slight problem for you to qualify for a consolidation loan with some companies. Although some organization are happy to grant loans to individuals in this situation, others require that you prove a significant lapse in payments over a sustained period before they will take your case. Again, a consolidation company is a business and they want to make sure that you truly require their services before they invest their time and energy in your case..." added A. Lillo.
Further information about trusted and reputable companies for debt consolidation by visiting; http://www.BestDebtConsolidationServices.net
