Debt Relief Business Profits Consumers Located in Kentucky KY
Debt settlement has rather quickly become the most sought after debt reduction plan of action in America. Through the right Debt Reduction Service, you will become debt free in 5-30 months, for about 25-65% of your total debt now.
With benefits like these, think of taking advantage of a Debt Relief Plan. Well, regrettably, much like the mortgage field, a lot of companies are getting into the field and giving the business a bad reputation.
Be leery of anyone that is anxious to give you a “quote” for a Kentucky Debt Reduction Service without taking a close look at your account statements. To be able to accurately estimate and form a Kentucky Debt Reduction Service that you can complete successfully all of the following factors must be taken into consideration:
To whom do you owe money.
How many balances you have.
How many payments you’ve missed.
Type of activity on your account such as balance transfers, cash advances and large purchase.
The State You live in.
Your financial circumstances.
Without closing looking at your current financial circumstances, no one can determine with any accuracy how fast or how low your settlements will be, it is kinda like a loan officer giving a quote on a signature loan without first looking at your credit report or your income information.
This is a major red flag and you’ve now been warned.
You Should Ask These Questions Before You hire a Kentucky Debt Consolidation Company
Does the Organization have an “A” rating with the Better Business Bureau?
You Want to check with the BBB the rating of a Debt Consolidation Company before you employ them. Don’t just take the organization’s word for it. Contact the BBB and ask about the organization.
What Will the Service Cost and When is the payment Collected?
Most Debt Reduction Organizations take 15% to 18% of the amount you owe as payment for their program. This payment is calculated on your debt you have when you enter the program and is taken in advance. With the company’s upfront payment collected in the first 6 to 19 months, most of what you put into their service is received by them as compensation.
In a true Debt Reduction program you only are required to pay a small enrollment payment to go on the plan, so what you put into the program is actually saved and not eaten up 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 Service should only take a settlement fee once a settlement has been attained. This helps you to get out of debt much quicker and gives the Organization incentive to do their best!
Does the Kentucky Debt Consolidation Program offer Debt and Credit Counseling?
Most Kentucky Debt Assistance Organizations offer only debt settlement. A true Debt Assistance Company will provide Credit and Debt counseling as well as Debt Consolidation and Debt Settlement Plans. Your credit advisor can help you consider all your options so you can pick which service is the right one for your situation and budget. The Company should not encourage one program but should assist you in deciding on the right plan for you.
How Long has the Kentucky Debt Assistance Companies Been in the Debt Relief Business?
If it is a start up or brand new in the business, the Service will have little experience. Make Sure You beware of a Organization that cannot provide verification of their experience.
Can the Kentucky Kentucky Debt Management Businesses Stop the Bill Collectors From Calling Me?
No Kentucky Debt Negotiation Organization can ensure they will stop all bill collector calls. That is simply not feasible. Anyone that says they can is not being honest.
Will The Kentucky Debt Assistance Organizations be making monthly payments to the Credit Card Companies?
The Creditors are not paid until an acceptable settlement is negotiated and approved. Therefore, Debt Negotiation Services do not make monthly payments to the credit card companies. That is simply how the plan works. Any Debt Reduction Company saying otherwise is not beinghonest.
Can I get sued?
A creditor can sue you anytime you are behind. If you are told anything else, a red flag has just been raised. The debt Assistance Service is not being truthful
Will This Hurt my Credit Report?
Inspite of what some people think or believe, all debt assistance services will have a negative effect on 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 settled, your accounts will show a $0 balance and you will begin reestablishing your credit report.
When Will I Receive My First Negotiation?
While this varies in every circumstance, your first negotiation will be made within the first 12 months from the inception of your plan. More than 12 months is not reasonable and the Company that informs you of this is more than likely not a very good company to do business with.
Where is the Funds Held While I’m Awaiting a Settlement?
This is a great question. Your funds must always be held at a third party escrow Company that is FDIC insured. Any Organization telling you to keep your own money or to send the funds to them is not the best company to do business with. If you need to settle your debt, you need to have the money available to pay the credit card companies when the negotiation is reached.
These questions are suggestions. The important point is to ask questions and get all the answers to those questions. With your questions answered, you can find the Debt Assistance Company that is best able to help you.
What we have seen, sadly, all too often, from way too many Debt Management Services popping up, are very eager debt advisors making promises they will not keep.
Consider this if you’re considering going onto a service and your only concern is the fees or having the smallest monthly payment. Sadly, going in a Debt Settlement Organization that sounds too good to be true will end up costing you far more than finding a great Debt Negotiation Company that will get the job done. Always remember, without first taking a look at all of these points, you’re soon to get a unfortunate surprise in your financial future.
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