People Within Massachusetts MA Get Help From Debt Management Businesses
Debt settlement has swiftly become the most favored debt management strategy in America. Through the right Debt Reduction Program, you can become debt free in 8-22 months, for around 25-55% of your total debt.
With benefits like these, start thinking about taking advantage of a Debt Consolidation Service. Unhappily, very similar to the lending business, several companies are fly by nights and giving the industry a bad reputation.
Look out for anyone that offers to give you a “quote” for a Massachusetts Debt Assistance Program without examining closely your account statements. To have the ability to accurately estimate and develop a Massachusetts Debt Management Plan that you can easily complete successfully all of these factors must be considered:
To whom do you owe money.
How many accounts you have.
How delenquent your accounts may be.
Type of account activity such as balance transfers, cash advances and large purchase.
Your state of residence.
Your financial situation.
Without taking a close look at your current financial condition, it is impossible to determine with any accuracy how long it can take or how high your settlements can be, it’s a little like a loan officer attempting to quote on a car loan without checking what you owe or how much you make.
This should raise a major red flag and you have now been warned.
You Should Ask These Questions Before You use a Massachusetts Debt Management Company
Does the Service have an “A” rating with the Better Business Bureau?
Make Sure You confirm with the BBB the rating of a Debt Negotiation Business before you hire them. Don’t just take the Service’s word for it. Contact the BBB and inquire about the business.
How Much Will the Service Cost and When are the Fees Received?
Most Debt Negotiation Organizations receive 12% to 19% of your debt as a fee for their plan. This fee is based on all of your debt you have when you enroll in the program and is taken before services are rendered. With the business’ upfront compensation collected in the first 7 to 17 months, the majority of what you pay on their plan is collected by them as compensation.
In a real Debt Relief plan you only are charged a small enrollment fee to go on the service, so what you deposit into the service is actually untouched and not taken in fees. The settlement fee is calculated on the amount forgiven by your creditors. This means the compensation is basedon the amount the Business saves you. The Business should only take a settlement fee once a settlement has been completed. This will allow you to get out of debt much morequickly and gives the Company compulsion to get you the best possible settlement!
Does the Massachusetts Debt Negotiation Company offer Debt and Credit Counseling?
Most Massachusetts Debt Management Companies offer only debt settlement. A bona fide Debt Assistance Service will offer Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Services. Your credit counselor can help you evaluate all option open to you so you can pick which program is right for your situation and budget. The Service should not encourage one service but should help you in picking the best plan for you.
How Long has the Massachusetts Debt Management Companies Been in the Debt Settlement Business?
If it is brand new or a start up in the business, the Organization will have little experience. You Should be leery of a Business that cannot provide proof of their experience.
Can the Massachusetts Massachusetts Debt Assistance Organizations Stop the Credit Card Companies From Calling Me?
No Massachusetts Debt Relief Service can promise they will end all collector calls. That is simply not possible. Anyone that claims they can is not telling the truth.
Will The Massachusetts Debt Settlement Organizations be making monthly payments to the Creditors?
The Credit Card Companies are not paid until a mutually agreeable settlement is reached and agreed to. Therefore, Debt Consolidation Companies do not make monthly payments to the creditors. That is simply how the service works. Any Debt Reduction Service informing you otherwise is not being truthful.
Can I get sued?
A creditor can sue you any time you are late. If you are told something else, a red flag has just been raised. The debt Relief Organization is not being honest
Will This Hurt my Credit Report?
Inspite of what some people think or believe, all debt reduction plans will ruin your credit score. Consider this you are in debt and are not paying as agreed. The debt reduction plan is meant only as a management tool. However once your debt has been forgiven, your accounts will show a $0 balance and you can begin the process of reestablishing your credit report.
When Will I Receive My First Settlement?
While this can vary in every situation, your first settlement should be made within the first 12 months from the start of your program. Any more than 12 months is not reasonable and the Business that tells you this is not the greatest company.
Where is the Funds Kept While You’re Awaiting a Settlement?
This is a good question. Your money must always be kept at a third party escrow Business that is FDIC insured. Any Company telling you to save your own money or to send the money to them is probably not a good company to do business with. If you need to settle your debt, you will need to have the money on hand to pay the credit card companies when the negotiation is negotiated.
These questions are suggestions. The important point is to ask many questions and get the right answers to those questions. With your questions answered, you can find the Debt Consolidation Service that is best for you.
What we’ve often seen, all too often, from so many Debt Reduction Plans popping up, are all too eager debt counselors making promises they don’t fulfill.
Ponder this if you’re looking around and you only care about the fees or getting the lowest monthly payment. In the end, going into a Debt Reduction Service that sounds too good to be true will cost you way more than taking the time to find a good Debt Reduction Organization that will help you. Never forget, without first looking at all of the questions above, you’re going to get a unfortunate surprise coming your way.
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