Folks in Connecticut CT Get Help From Debt Settlement Companies
Debt settlement has rapidly become the number one debt management program in America today. Through the right Debt Reduction Organization, you can be debt free in 5-28 months, for approximately 30-65% of what you owe.
With benefits like these, think of making use of a Debt Assistance Plan. Well, unfortunately, similar to the mortgage field, lots of companies are getting in the trade and giving the industry a black eye.
Be leery of anyone that provides you a “quote” for a Connecticut Debt Negotiation Plan without even first examining closely your current account statements. To have the ability to estimate accurately and devise a Connecticut Debt Negotiation Service that you can successfully finish all of the following factors must always be taken into consideration:
To whom do you owe money.
How many accounts you have.
How many payments have you missed.
Account activity such as balance transfers, cash advances and large purchase.
What state you live in.
Your financial condition.
Without closely examining your current financial circumstances, it is impossible to really estimate how fast or what your creditors are willing to settle for, it is much like a loan officer quoting on a any kind of loan without considering your credit report or how much you make.
This should tell you something about the plan and you’ve now been warned.
Always Ask These Questions Before You select a Connecticut Debt Reduction Company
Does the Company have an “A” rating with the Better Business Bureau?
Be Sure to check with the BBB the rating of a Debt Negotiation Organization before you hire them. Don’t just take the organization’s word for it. Call the BBB and inquire about the company.
How Much Will the Assistance Cost and When is the Compensation Taken?
Most Debt Management Companies receive 15% to 20% of the amount you owe as a fee for their assistance. This compensation is calculated on the amount you owe you have when you enroll in the service and is taken at the beginning of the program. With the business’ upfront compensation coming out in the first 7 to 22 months, the bulk of what you pay on their service is collected by them as fees.
In a legitament Debt Assistance program you only are charged a small admittance payment to go on the program, so what you put into the program is actually saved and not eaten up in fees. The settlement fee is based on the amount forgiven by your creditors. This means the fees is calculatedon the amount the Company saves you. The Organization should only collect a settlement fee once a settlement has been completed. This makes it possible for you to get out of debt much faster and gives the Organization motivation to do their job!
Does the Connecticut Debt Management Program offer Debt and Credit Counseling?
Most Connecticut Debt Relief Organizations offer only debt settlement. A legitament Debt Assistance Organization will offer Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Programs. Your credit advisor will help you explore all option open to you so you can choose which plan is best for your situation and budget. The Business should not push one service but should help you in choosing the best plan for you.
How Long has the Connecticut Debt Assistance Companies Been in the Debt Management Business?
If it is brand new or a start up in the business, the Business will have almost no experience. You Want to be leery of a Service that won’t provide verification of their experience.
Can the Connecticut Connecticut Debt Management Businesses Stop the Creditors From Contacting Me?
No Connecticut Debt Negotiation Company can guarantee they will stop all creditor calls. That is simply not feasible. Anyone who claims they can is not being honest.
Will The Connecticut Debt Negotiation Companies be making monthly payments to the Credit Card Companies?
The Credit Card Companies are not paid until a mutually agreeable settlement is reached and agreed to. Therefore, Debt Management Services do not make monthly payments to the credit card companies. That is simply how the service works. Any Debt Reduction Service saying otherwise is not being truthful.
Can I get sued?
A creditor can sue you anytime you are behind. If you are informed of something else, a red flag has just been raised. The debt Negotiation Business is not being truthful
Will This Have a Negative Effect on my Credit Report?
Contrary to what most people think or believe, all debt reduction plans will have a negative effect on your credit score. Think about it you are in debt and are not paying as agreed. The debt consolidation program is meant only as a management tool. However when your debt is settled, all of your accounts will show a $0 balance and you will begin rebuilding your credit report.
When Can I Expect My First Settlement?
While this varies in every situation, your first negotiation can be made within the first 12 months from the inception of your plan. Any more than 12 months is unreasonable and the Organization that informs you of this is probably not the best match for you.
Where is the Money Kept While You’re Waiting on Negotiation?
This is a good question. Your funds should always be held at a third party escrow Organization that is FDIC insured. Any Service telling you to keep your own money or to send the money to them is not the best match for you. If you want to settle your debt, you must have the money on hand to pay the creditors when the negotiation is negotiated.
These questions are suggestions. The most important point is to ask lots of questions and get the answers to those questions. With your questions fully answered, you can find the Debt Consolidation Company that is best able to help you.
What we have seen, sadly, all too often, from a lot of Debt Consolidation Plans around, are much too eager debt consultants making promises they know they can not keep.
Think about this if you’re considering going on a program and you only care about the fees or getting the smallest monthly payment. Unfortunately, signing up for a Debt Management Plan that is too good to be true will cost you far more than looking for a qualified Debt Reduction Organization that will get you out of debt. Never forget, without looking at all of the factors above, you are going to get a unfortunate surprise in your very near future.
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