Debt Consolidation Service Benefits Folks of Connecticut CT
Debt settlement has quickly become the most wanted debt management strategy in America today. Through the right Debt Negotiation Plan, you can be debt free in 8-27 months, for around 30-50% of what you owe now.
With positive aspects like these, give consideration to making use of a Debt Consolidation Company. Sadly, much like the lending business, too many companies are getting in the field and giving the field a bad reputation.
Be leery of anyone that offers to provide you a “quote” for a Connecticut Debt Management Service without taking a look at all of your current account statements. To be able to estimate accurately and plan out a Connecticut Debt Management Service that you can easily successfully complete all of these factors must be taken into consideration:
Who you owe money to.
How many creditors you have.
How many days late are you.
Type of account activity such as balance transfers, cash advances and large purchase.
What state you live in.
Your financial condition.
Without closing looking at your current financial situation, no one can accurately determine how quickly or how low your settlements can be, it’s much like a loan officer attempting a quote on a home loan without looking at how much you owe or what your gross income is.
This must raise a major red flag and stay away from them.
Always Ask These Questions Before You hire a Connecticut Debt Relief Business
Does the Business have an “A” rating with the Better Business Bureau?
Make Sure You Always confirm with the BBB the rating of a Debt Negotiation Business before you employ them. Don’t just take the company’s word for it. Call the BBB and inquire about the service.
How Much is the Service Cost and When are the Fees Collected?
Most Debt Settlement Organizations charge 14% to 15% of the amount you owe as a fee for their plan. This fee is based on your debt you have when you enter into the service and is received in advance. With the company’s upfront compensation collected in the first 9 to 24 months, almost all of what you pay on their plan is taken by them as fees.
In a legitament Debt Settlement program you only are required to pay a small enrollment fee to go into the program, so what you pay into the service is actually saved and not collected in fees. The settlement fee is calculated on the amount forgiven by your creditors. This means the compensation is calculatedon the amount the Organization saves you. The Organization should only collect a settlement fee once a settlement has been completed. This empowers you to get out of debt much faster and gives the Company motivation to give you a good service!
Does the Connecticut Debt Reduction Plan offer Debt and Credit Counseling?
Most Connecticut Debt Reduction Organizations offer only debt settlement. A true Debt Assistance Service will give Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Programs. Your credit counselor can help you evaluate all your options so you can decide which program is right for your situation and budget. The Organization should not promote one plan but should help you in picking the best plan for you.
How Long has the Connecticut Debt Negotiation Organizations Been in the Debt Relief Business?
If it is brand new or a start up in the business, the Organization will have very little experience. Make Sure You Always be leery of a Business that will not provide proof of their experience.
Can the Connecticut Connecticut Debt Negotiation Companies Stop the Collectors From Telephoning Me?
No Connecticut Debt Relief Organization can ensure they will end all collector calls. That is simply not possible. Anyone who claims they will is not being truthful.
Will The Connecticut Debt Negotiation Companies be making monthly payments to the Collection Agencies?
The Collection Agencies are not paid until an acceptable settlement is negotiated and agreed to. Therefore, Debt Reduction Services do not make monthly payments to the credit card companies. That is simply how the plan works. Any Debt Relief Company saying otherwise is not being truthful.
Can I get sued?
A credit card company can sue you anytime you are late on your payments. If you are informed of something else, a red flag has just been raised. The debt Relief Business is not being honest
Will This Hurt my Credit Report?
Contrary to what some people think or believe, all debt negotiation plans will ruin your credit report. Consider this you are in debt and are not paying as agreed. The debt assistance service is meant only as a management tool. However when your debt is negotiated, all of your accounts will show a $0 balance and you can begin rebuilding your credit score.
When Can I Expect My First Negotiation?
While this is different in every case, your first settlement needs to be made within the first 12 months from the beginning of your plan. Longer than 12 months is unacceptable and the Business that informs you of this is probably not a very good company to do business with.
Where is the Money Kept While I’m Waiting on Negotiation?
This is a very important question. Your money must be held at a third party escrow Company that is FDIC insured. Any Business informing you to hold your own money or to send the funds to them is not a very good company to do business with. If you need to settle your debt, you must have the money on hand to pay the creditors when the settlement is reached.
These questions are suggestions. The most important point is to ask questions and get the right answers to those questions. With your questions answered to your satisfaction, you can find the Debt Negotiation Service that is best able to help you.
What we have sadly seen, over and over, from so many Debt Consolidation Businesses out there, are much too eager debt consultants making promises they simply won’t fulfill.
Think about this if you’re shopping around and you only care about the fees or having the lowest monthly payment. Ultimately, going in a Debt Reduction Business that is impossible will cost you so much more than finding a qualified Debt Consolidation Company that will do a good job. Remember, without checking all of these questions, you’re going to get a rude awakening coming your way.
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