Consumers of Massachusetts MA Benefit from Debt Relief Organizations
Debt settlement has rapidly become the most sought after debt reduction approach used in America today. Through the right Debt Relief Organization, you will be debt free in 5-20 months, for about 45-50% of what you owe.
With advantages like these, think of making use of a Debt Settlement Company. Unfortunately, very much like the credit counseling field, a lot of companies are jumping on the bandwagon and giving the business a bad wrap.
Beware of anyone that gives you a “quote” for a Massachusetts Debt Relief Service without taking a close look at your current statements. To be able to accurately estimate and develop a Massachusetts Debt Relief Program that you will be able to complete successfully all of the following factors must be taken into consideration:
Who you owe money to.
The number of balances you have.
How far behind you may be.
Type of activity on your account such as balance transfers, cash advances and large purchase.
The State You live in.
Your financial circumstances.
Without looking at your current financial condition, no one can really estimate how how much time it can take or what your credit card companies will settle for, it is much like a loan officer quoting on a home loan without considering how much you owe or how much your gross income is.
This is a major red flag and not even think about using them.
Make Sure You Ask These Questions Before You use a Massachusetts Debt Assistance Company
Does the Company have an “A” rating with the Better Business Bureau?
Make Sure You Always verify with the BBB the rating of a Debt Negotiation Service before you hire them. Don’t just take the organization’s word for it. Telephone the BBB and ask about the organization.
What Does the Plan Cost and When are the Fees Collected?
Most Debt Consolidation Companies receive 15% to 18% of your total debt as a fee for their assistance. This compensation is calculated on your total debt you have when you enter the program and is collected up front. With the company’s upfront payment collected in the first 9 to 17 months, all of what you pay on their service is taken by them as fees.
In a bona fide Debt Consolidation plan you only pay a small administration charge to go on the program, so what you put into the program is actually put aside and not collected in compensation. The settlement fee is based on the amount forgiven by your creditors. This means the compensation is calculatedon the amount the Organization saves you. The Business should only take a settlement fee once a settlement has been obtained. This allows you to get out of debt much morequickly and gives the Organization motivation to get you the best possible settlement!
Does the Massachusetts Debt Relief Program offer Debt and Credit Counseling?
Most Massachusetts Debt Reduction Organizations offer only debt settlement. A real Debt Assistance Company will provide Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Plans. Your credit advisor should help you consider all your options so you can choose which service is the best for your situation and budget. The Service should not push one program but should assist you in deciding on the right plan for you.
How Long has the Massachusetts Debt Settlement Businesses Been in the Debt Consolidation Business?
If it is a start up or brand new in the business, the Service will have little experience. You Want to beware of a Organization that will not provide verification of their experience.
Can the Massachusetts Massachusetts Debt Reduction Organizations Stop the Credit Card Companies From Telephoning Me?
No Massachusetts Debt Reduction Business can promise they will end all collector calls. That is simply not possible. Anyone who claims they will is not being honest.
Will The Massachusetts Debt Negotiation Companies be making monthly payments to the Collection Agencies?
The Credit Card Companies are not paid until a mutually agreeable settlement is reached and approved. Therefore, Debt Negotiation Companies do not make monthly payments to the creditors. That is simply how the plan works. Any Debt Management Business informing you otherwise is not beinghonest.
Can I be sued?
A creditor 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 Settlement Organization is not being honest
Will This Ruin my Credit Report?
Inspite of what you may think or believe, all debt relief services will hurt your credit report. Consider this you are in debt and are not paying as agreed. The debt negotiation plan is meant only as a management tool. However once your debt is forgiven, your accounts will show a $0 balance and you can begin reestablishing your credit report.
When Can I Expect My First Settlement?
While this is different in every circumstance, your first negotiation needs to be made within the first 12 months from the inception of your program. Any longer than 12 months is not reasonable and the Business that tells you this is probably not a very good company to do business with.
Where is the Money Kept While You’re Waiting on Negotiation?
This is an impotant question. Your funds must always be kept at a third party escrow Business that is FDIC insured. Any Service telling you to keep your own money or to send the money to them is more than likely not a good company to do business with. If you plan on settling your debt, you will need to have the money ready to pay the credit card companies when the settlement is reached.
These questions are suggestions. The important point is to ask questions and get the answers to those questions. With your questions answered to your satisfaction, you can find the Debt Negotiation Organization that is best able to help you.
What we have seen, sadly, over and over, from way too many Debt Assistance Businesses around, are all too eager debt advisors making promises they simply cannot fulfill.
Think about this if you’re considering going in a program and your only concern is the fees or having the lowest monthly payment. Unfortunately, enrolling into a Debt Relief Business that is too good to be true will cost you much more than looking for a good Debt Reduction Organization that will do the right thing. Remember, without first looking at all of these points, you are soon to get a rude awakening in your very near future.
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