Finding the Right Debt Management Group: No Room For Scams
An uncontrolled mounting debt is already a serious problem. Finding yourself double-crossed by a con artists posing as a debt management company will not help, and may even worsen, your case. That is why, it is crucial that you choose a legit and effective debt management group to handle your case. To help you in your search, check if your prospective agency satisfies these 10 criteria.
5 Essential Criteria To Look For in a Debt Management Group
1. Has been in business for at least five years. Statistics have shown that 90 percent of new businesses will flop within five years. With the burgeoning of debt solutions providers, you will encounter a sea of newbie companies that may soon flounder. Why bet your finances in these companies when there are older firms with more experience and expertise under their belt than one-year old fledglings? The most harm that a genuine but newbie debt management group can do to you is to be ineffective and leave you still deep in debt. Scams will not just leave you financially worse than before you hired them, but will also run away with your money. Debt management groups that are nothing but scams rarely reach five years in business, so to stay clear of them, verify the date they started business and start counting.
2. Accredited and has a good record with the Better Business Bureau. To assess the competence of the debt management group, dig up on the number of complaints filed against it vis-a-vis the number of years that the company has been in operation. Companies that have been around for some time already may have received a number of complaints, and that can be normal. Just make sure that the complaints have already been resolved. Beware of new companies that has already a pile of complaints filed against them.
3. Does not instantly offer a solution and quote fees before you have completely discussed your case. A legit agency will ask to have a copy of all your current credit card statements before they can estimate the monthly amount you should pay them. They will also need details of your situation before they can effectively advice you of how long the program needs to be and how much you can cut down your debt. Run away from debt management companies that can instantly quote their price and offer solutions without knowing your financial situation. They will just bilk you of your money by collecting upfront fees.
4. Has a proven track record and have many actual clients who are happy to recommend them. Ask for references from the prospective company and check if they are authentic. Go for a company that can provide proofs of their effectiveness in debt management. You can also find such companies by asking friends, family or colleagues who may have first hand experience with their services and are happy with the results.
5. Sincere in helping you find the appropriate solution for your case. Beware of debt management companies that provide a uniform solution for all their clients since it is their specialization. Talk about bankruptcy lawyers recommending bankruptcy, or debt consolidation company urging you to consolidate your debts. You must realize that your financial situation is distinct from that of another so do not pay for a ready-made solution. Never allow a debt management group to force their specialization on you.
In choosing a debt management group to handle you mounting debt, look for one that is accredited by and has a good record with the BBB, has been in the industry for at least five years, boasts of a proven track record, takes time to analyze you case before quoting a price or offering a solution, and provides a solution that is custom-made for your particular situation.
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