Folks Located in Oklahoma OK Profit from Debt Settlement Programs
Debt settlement has promptly become the number one debt negotiation program used today. Through the right Debt Reduction Program, you can become debt free in 7-36 months, for about 30-75% of your total debt.
With benefits like these, give some thought to taking advantage of a Debt Consolidation Business. Well, Sadly, much like the lending trade, way too many companies are jumping into the trade and giving the field a black eye.
Beware of anyone that is willing to provide you a “quote” for a Oklahoma Debt Consolidation Service without first taking a close look at your current account statements. In order to estimate accurately and model a Oklahoma Debt Reduction Plan that you can successfully complete all of the following factors should always be taken into consideration:
Who you owe money to.
How many creditors you have.
How many payments you’ve missed.
Type of activity on your account 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 situation, there is really no way to estimate with any accuracy how long it will take or what your credit card companies are willing to settle for, it’s much like a loan officer attempting to give a quote on a car loan without considering your credit report or how much your income is.
This should say something about the program and you should stay clear of them.
Make Sure You Always Ask These Questions Before You use a Oklahoma Debt Consolidation Organization
Does the Company have an “A” rating with the Better Business Bureau?
You Should Always verify with the BBB the rating of a Debt Settlement Service before you select them. Don’t just take the Service’s word for it. Call the BBB and ask about the organization.
How Much is the Assistance Cost and When is the payment Received?
Most Debt Settlement Organizations receive 15% to 16% of your total debt as payment for their program. This fee is calculated on all of your debt you have when you enter into the plan and is taken up front. With the organization’s upfront fee collected in the first 6 to 15 months, almost all of what you pay on their service is received by them as fees.
In a true Debt Relief program you only are charged a small admittance charge to go on the plan, so what you deposit into the plan is actually held in reserve and not collected in compensation. The settlement fee is calculated on the amount forgiven by your creditors. This means the fees is calculatedon the amount the Service saves you. The Service should only take a settlement fee once a settlement has been completed. This will allow you to get out of debt much quicker and gives the Organization incentive to give you a good service!
Does the Oklahoma Debt Negotiation Plan offer Debt and Credit Counseling?
Most Oklahoma Debt Consolidation Companies offer only debt settlement. A real Debt Assistance Company will offer Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Programs. Your credit counselor should help you explore all your options so you can decide which program is best for your situation and budget. The Business should not encourage one plan but should assist you in deciding on the most appropriate program for you.
How Long has the Oklahoma Debt Relief Businesses Been in the Debt Settlement Business?
If it is a start up or brand new in the business, the Company will have little experience. You Should Always beware of a Company that will not provide verification of their experience.
Can the Oklahoma Oklahoma Debt Reduction Businesses Stop the Creditors From Contacting Me?
No Oklahoma Debt Reduction Business can promise they will end all bill collector calls. That is simply not feasible. Anyone that claims they can is not telling the truth.
Will The Oklahoma Debt Relief Companies be making monthly payments to the Creditors?
The Credit Card Companies are not paid until an acceptable settlement is negotiated and agreed to. Therefore, Debt Settlement Businesses do not make monthly payments to the collection agencies. That is simply how the service works. Any Debt Consolidation Organization saying otherwise is not telling the truth.
Can I be sued?
A collection agency can sue you any time you are late. If you are informed of anything else, a red flag has just been raised. The debt Reduction Company is not being truthful
Will This Ruin my Credit Score?
Contrary to what you may think or believe, all debt assistance services will ruin your credit report. Consider this you are in debt and are not paying as agreed. The debt management plan is meant only as a management tool. However when your debt is settled, all of your accounts will show a $0 balance and you are ready to begin reestablishing your credit score.
When Can I Expect My First Settlement?
While this is different in every situation, your first settlement can be made within the first 12 months from the inception of your program. Longer than 12 months is unreasonable and the Business that informs you of this is probably not the best company.
Where is the Funds Kept While I’m Awaiting a Settlement?
This is a good question. Your funds must always be held at a third party escrow Organization that is FDIC insured. Any Service informing you to hold your own money or to send the money to them is more than likely not the best company to do business with. If you need to settle your debt, you need to have the money ready to pay the collection agencies when the negotiation is negotiated.
These questions are suggestions. The important point is to ask lots of questions and get all the answers to those questions. With your questions answered, you can find the Debt Negotiation Company that is right for you.
What we have often seen, much too often, from a lot of Debt Negotiation Companies out there, are way too eager debt counselors making promises they are not able to fulfill.
Consider this if you’re looking around and you only care about the fees or having the lowest monthly payment. Sadly, signing up for a Debt Negotiation Program that is too good to be true will cost you far more than taking the time to find a honest Debt Reduction Business that will get you out of debt. Don’t forget, without considering all of the questions above, you’re soon to get a surprise soon to come your way.
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