Choosing the right debt consolidation company can seem like a major chore. After all, with all of the companies out there promising to reduce your debt for just pennies, how can you effectively choose the right consolidation service without exposing yourself to scammers and con artists?
The key is to ask the right questions - and know what answers to look out for. But before you even ask these powerful questions, you'll need to vet out a few debt consolidation companies for what they are: scammers that are intent from parting you from your money. To do that, avoid any debt consolidation services that talks about new government programs, or ones that promise that your credit won't be affected by the process.
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Additionally, be wary of companies that promise to settle your debt for less than what you owe or assure you that phone calls from your creditors will completely stop. These are all major warning signs of a consolidation service that's intent on separating you from your hard-earned money.
Once a debt consolidation program has passed these tests, ask them the five following questions to determine if they're the right service for you:
How long has your debt consolidation company been in business? (Obviously, you want to look for a company that's been in business for some time.)
How many of your clients have had their debts successfully settled by your company? (Look for a cumulative total, not just a few handpicked testimonials.)
How much do you charge for your services, and when do you expect payment? (Debt consolidation companies are not allowed to charge upfront fees; additionally, you're only required to pay a fee if the company has successfully renegotiated at least one of your debts.)
Have you worked with my creditors before? (Needless to say, the more of your creditors they've worked with, the better.)
When can I expect to have my debt renegotiated? (Keep in mind that the longer it takes to renegotiate your debt, the more likely it is that you'll get sued by your creditors).
In summary, don't be fooled into thinking that debt consolidation is an easy solution that anyone organisation can provide - put simply they can't. Remember, a reputable debt consolidation company should be able to satisfy all of these questions before you decide to hire them. At the end of the day you want to free from debt in the shortest period of time, but you also want to do things the right way that will not impair your credit rating for the future.
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