Debt,Management,Agency-Know,Th business, insurance Debt Management Agency-Know This Before You Hire One
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Choosing a debt management solution isn't a decision that can or should be made with ease. There are companies that promise they can relieve your debts if you send them money, but just how trustworthy are these companies? Choose the best debt management agency or a debt consolidation agency.Several Unresolved Complaints with the Better Business BureauAny debt management company that you are considering should be checked with the BBB, your state attorney general, and local consumer protection agency. You can expect to see some complaints, but the majority of them should be resolved.Advice or Instructions to Stop Paying Your CreditorsMany debt settlement and debt negotiation companies tell you to stop paying your creditors. In the meantime, your accounts go to 30-, 60-, 90-, and even 120-days late. Each month that you miss a payment, your creditors report it to the credit bureaus. As a result, your credit score suffers. Don't stop paying your credit card bills unless the debt management company starts sending in your payments immediately.Non-Profit Agencies that Charge High FeesYou'll come across many debt management companies that claim to operate under non-profit status and it's possible that they do. However, some companies use this as a way of convincing you that their high fees are legitimate. There are companies that will assist you for a reasonably low fee.Vague Details About How Your Payments Will be UsedIf you're sending money to a debt management company every month, then you need to know what the money will be used for. If the company wont give you this information, take your money and your business elsewhere.The Absence of a Contract or Written AgreementDon't make a commitment with any debt management company based solely on a phone conversation. Request a written copy of the terms and conditions of the service before you agree and especially before you make any payments. If you don't agree with the terms, try negotiating. If you can't get reasonable terms in your favor, move on.Promises to Remove Negative Information from Your Credit HistoryNo debt management company has the authority or the ability to change information on your credit report. Guarantees and promises to do this are completely false. All any debt management company can do is attempt to negotiate with your creditors to have negative information removed. This, you can do yourself.Agencies then negotiate on behalf of the client, with the clients unsecured creditors, to reduce the interest charged on the outstanding debts. An agreement should become to regarding stopping late payment fees and penalty rates. Once a plan has been drawn up between the various creditors, the client then makes one monthly payment directly to the debt management agency, which in turn disperses the agreed amounts between creditors.
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