A Checklist for Your Next Debt Relief Shopping
While it has become somewhat commonplace for consumers to look to debt relief agencies for help with their financial situation, it is still a good idea to view the process of debt relief more carefully before agreeing to meet any company representatives face to face. Whether split payment loans and refinancing are beyond your means, you could turn to come debt settlement or consolidation agencies for help – a careful financial review is necessary at this stage.
Check the length of time the company has been in the debt relief business. Suppose the company has only been servicing the debt of their customers for a short while. In that case, it’s probably fair to assume they don’t have the technical or legal expertise to effectively represent the customers with the most debts.
When a company is new or relatively unknown, it’s always best to request a bit of information from them in order to feel more comfortable with them. That information would include any goals or training they have (if they have any), their listed contact information, and perhaps even a bit of background information on the company themselves. Frequently, they’ll indicate in their marketing materials; contact information and a little bit of background information.
In addition, by asking questions that may get followed up in regards to their staff, you’ll get a feel for how the person in charge handles their work. These questions would include things like how long they’ve been in the business, what debts and customers they’ve previously helped, any lawsuits they’ve been involved in, and any accounts they’ve taken on recently. Don’t forget to ask for their margin rates rather than simply relying on their word. A fair rate to charge is always something around 15-20% of your total debt as a starting rate. Some agencies will quote lower rates; others may quote higher, depending upon the complexity of your case. The lower your charge for setting up the first payment, the more likely the agency is to keep you as a client.
One other way you can discover how competent the agency is is to find out what prior clients they’ve helped. If they’ve helped out a friend or relative or handled an otherwise difficult situation in the past, they’ll already have a leg up. You can also send them a testimonial to fill out that lets you know what their services are. While most of them will be more than happy to provide the name of a product or service, there is a small chance that they’ll provide a less-than- WI income rather than one with detailed info on your account or account number.
Additionally, you can also investigate the company’s legislative records in your state. A search through filings and public information sites may turn up news releases or even lawsuits. A word of warning, though, this could make their services seem a bit sketchy. Studies have shown that about 90% of all companies listed may turn out to be decidedly shady, and as such, insurance agencies, mortgage companies, and other financial institutions have no choice but to insist that a debt relief agency is not doing their work. Personally, the risk of being scammed by a debt relief agency can be as high as the possibility of entering the fonts of scams.
Becoming debt-free should always be your top goal, and it’s incredibly important to compare debt settlement companies as soon as you can before you sign up. Actual reviews and customer feedback can assist in making a decision and in providing the necessary background information to make sure they are doing the right job. Check out the pre-existing relationships that the debt relief agency has with clients and financial institutions.
