Debt Consolidation Plan Benefits People of New York NY
Debt settlement has rapidly become the most sought after debt reduction tactic in America. Through the right Debt Settlement Plan, you will become debt free in 5-35 months, for approximately 25-70% of what you owe now.
With good things like these, you should have a look at benefiting from a Debt Assistance Business. Unfortunately, very similar to the lending business, several companies are getting in the industry and giving the industry a black eye.
Look out for anyone that wants to give you a “quote” for a New York Debt Management Plan without first closely looking at your account statements. In order to accurately estimate and form a New York Debt Consolidation Service that you can successfully complete all of these factors should be taken into consideration:
Who you owe money to.
The number of creditors you have.
How many days late you may be.
Type of account activity such as balance transfers, cash advances and large purchase.
The State You live in.
Your financial situation.
Without taking a look at your current financial circumstances, there is really no way to determine how long it can take or how much you can settle your debt for, it’s much like a loan officer attempting a quote on a car loan without first considering what you owe or how much you make.
This is a major red flag and never ever use them.
Make Sure You Ask These Questions Before You hire a New York Debt Negotiation Organization
Does the Company have an “A” rating with the Better Business Bureau?
Make Sure You Always confirm with the BBB the rating of a Debt Management Company before you employ them. Don’t just take the Service’s word for it. Call the BBB and ask about the organization.
How Much is the Service Cost and When is the payment Collected?
Most Debt Relief Organizations collect 14% to 16% of the amount you owe as a fee for their service. This fee is calculated on your total debt you have when you enroll in the program and is received at the beginning of the program. With the organization’s upfront payment coming out in the first 6 to 22 months, the bulk of what you pay into their service is collected by them as compensation.
In a bona fide Debt Relief service you only are required to pay a small admission payment to go into the program, so what you deposit into the service is actually set aside and not eaten up in compensation. The settlement fee is based on the amount forgiven by your creditors. This means the compensation is calculatedon the amount the Service saves you. The Organization should only collect a settlement fee once a settlement has been achieved. This helps you to get out of debt much quicker and gives the Company motivation to get you the best possible settlement!
Does the New York Debt Consolidation Business offer Debt and Credit Counseling?
Debt settlement has easily become the number one debt management plan in America. Through the right Debt Consolidation Organization, you can be debt free in 5-19 months, for about 30-55% of your total debt now.
With many benefits like these, you should consider going for a Debt Reduction Organization. Well, unfortunately, very similar to the real estate field, several companies are getting in the industry and giving the field a bad name.
Beware of anyone that offers to give you a “quote” for a New York Debt Assistance Plan without examining closely your current account statements. To be able to estimate accurately and develop a New York Debt Reduction Program that you can successfully complete all of these factors should always be taken into consideration:
Who you owe money to.
How many balances you have.
How delenquent your accounts may be.
Type of activity on your account such as balance transfers, cash advances and large purchase.
What state you live in.
Your financial circumstances.
Without examining closely your current financial condition, no one can estimate how long it will take or how low your settlements can be, it’s kinda like a loan officer attempting to give a quote on a loan without taking a look at your credit standing or what you make.
This should tell you something about the program and you should stay clear of them.
You Should Always Ask These Questions Before You employ a New York Debt Assistance Business
Does the Company have an “A” rating with the Better Business Bureau?
Always verify with the BBB the rating of a Debt Consolidation Company before you employ them. Don’t just take the Service’s word for it. Call the BBB and inquire about the service.
How Much Does the Program Cost and When is the payment Taken?
Most Debt Consolidation Companies collect 15% to 20% of your total debt as payment for their program. This payment is calculated on all of your debt you have when you enter the service and is collected before services are rendered. With the business’ upfront payment collected in the first 7 to 22 months, almost all of what you pay on their service is received by them as fees.
In a bona fide Debt Management service you only are charged a small entrance fee to go into the service, so what you pay into the program is actually held in reserve 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 Company saves you. The Company should only collect a settlement fee once a settlement has been attained. This empowers you to get out of debt much more rapidly and gives the Organization incentive to do their job!
Does the New York Debt Settlement Plan offer Debt and Credit Counseling?
Most New York Debt Settlement Organizations offer only debt settlement. A legitament Debt Assistance Company will give Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Programs. Your credit advisor should help you consider all your options so you can decide which service is the best for your situation and budget. The Business should not encourage one program but should help you in choosing the right plan for you.
How Long has the New York Debt Management Organizations Been in the Debt Assistance Business?
If it is brand new or a start up in the business, the Service will have no experience. Be Sure to beware of a Organization that cannot provide proof of their experience.
Can the New York New York Debt Reduction Organizations Stop the Bill Collectors From Telephoning Me?
No New York Debt Negotiation Company can ensure they will end all creditor calls. That is simply not possible. Anyone that claims they can is not being truthful.
Will The New York Debt Negotiation 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 Organizations do not make monthly payments to the collection agencies. That is simply how the service works. Any Debt Assistance Organization informing you otherwise is not being truthful.
Can I be sued?
A credit card company can sue you any time you are late. If you are told anything else, a red flag has just been raised. The debt Assistance Business is not being honest
Will This Have a Negative Effect on my Credit Report?
Contrary to what you may think or believe, all debt relief plans will have a negative effect on your credit score. Consider this you are in debt and are not paying as agreed. The debt settlement plan is meant only as a management tool. However as soon as your debt is settled, your accounts will show a $0 balance and you can begin the process of rebuilding your credit score.
When Will I Receive My First Settlement?
While this is different in every situation, your first settlement will be made within the first 12 months from the start of your plan. Any more than 12 months is not reasonable and the Organization that informs you of this is not the best company.
Where is the Money Kept While I’m Awaiting a Agreement?
This is a good question. Your funds should be deposited at a third party escrow Service that is FDIC insured. Any Service telling you to save your own money or to send the funds to them is not a very good match for you. If you plan on settling your debt, you must have the money on hand to pay the collection agencies when the settlement is negotiated.
These questions are suggestions. The main point is to ask many questions and get the answers to those questions. With your questions answered, you can find the Debt Consolidation Organization that is best for you.
What we’ve sadly seen, much too often, from a lot of Debt Assistance Companies around, are very eager debt consultants making promises they will not keep.
Think about this if you’re considering going onto a plan and the only thing you care about is the fees or having the lowest monthly payment. When it comes down to it, going in a Debt Assistance Plan that is impossible will end up costing you far more than looking for a reputable Debt Negotiation Company that will do a good job. Remember, without first looking at all of the points above, you are getting ready for a rude awakening coming your way.
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