Credit Card Debt Consolidation - Are All Debt Consolidators the Same?
Are all debt consolidators the same? If so, then there would hardly be any room for competition among the market and one would not be any better than the other.
So, no they are not all the same.
In fact, there are some critical differences between debt consolidation companies that can make all the difference to consumers.
First, it is crucial to realize that not all companies operate legitimately.
A consolidation company may actually be a lender as well as a debt relief company.
If so, there are licenses and certifications required in many states! Be certain to ask about the requirements and the companies adherence to the requirements.
Once you have guaranteed that the company you are considering as a partner in eliminating debt is legitimate, then it is time to do some research online.
It is a good idea to check for consumer reviews of the debt service and find out what people are saying about their services, loans and negotiation skills.
Any company with more than one or two bad reviews is probably best avoided.
Find out what states the companies you are considered are licensed in and find out if they are located near you.
Can you walk in for a face to face consultation? Or, will they operate over the phone and email? Some people do not care, others prefer face to face service.
After narrowing down the field of companies, ask detailed questions about the programs offered for consumer debt relief.
Will the companies negotiate directly with your creditors, on your behalf? Will the work to get you the best possible settlement amounts? Will they go beyond the first settlement offer? And will they help to maintain your credit score? When you look at these questions, and the information provided above, you definitely realize that not all debt consolidators are the same.
Just like every other industry, there are good and bad companies.
It is just a matter of finding the one that works the best with your specific situation.
If you are looking to borrow a consolidation loan, be sure to investigate the lending practices of the company that you work with.
If they are not a licensed lender, you will probably have a difficult time maintaining your loan and your credit may suffer as a result.
Always look for recommendations for the best lenders before signing anything with a debt relief company.
So, no they are not all the same.
In fact, there are some critical differences between debt consolidation companies that can make all the difference to consumers.
First, it is crucial to realize that not all companies operate legitimately.
A consolidation company may actually be a lender as well as a debt relief company.
If so, there are licenses and certifications required in many states! Be certain to ask about the requirements and the companies adherence to the requirements.
Once you have guaranteed that the company you are considering as a partner in eliminating debt is legitimate, then it is time to do some research online.
It is a good idea to check for consumer reviews of the debt service and find out what people are saying about their services, loans and negotiation skills.
Any company with more than one or two bad reviews is probably best avoided.
Find out what states the companies you are considered are licensed in and find out if they are located near you.
Can you walk in for a face to face consultation? Or, will they operate over the phone and email? Some people do not care, others prefer face to face service.
After narrowing down the field of companies, ask detailed questions about the programs offered for consumer debt relief.
Will the companies negotiate directly with your creditors, on your behalf? Will the work to get you the best possible settlement amounts? Will they go beyond the first settlement offer? And will they help to maintain your credit score? When you look at these questions, and the information provided above, you definitely realize that not all debt consolidators are the same.
Just like every other industry, there are good and bad companies.
It is just a matter of finding the one that works the best with your specific situation.
If you are looking to borrow a consolidation loan, be sure to investigate the lending practices of the company that you work with.
If they are not a licensed lender, you will probably have a difficult time maintaining your loan and your credit may suffer as a result.
Always look for recommendations for the best lenders before signing anything with a debt relief company.
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