How To Compare Between Debt Consolidation Companies |
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By: Gibran Selman Posted: 2006-10-07 23:51:29 |
| When you have decided to take debt consolidation loan remember that all the companied are not fair in their business. Some work properly, paying off your bills and improving your credit history while other companies can be absolute fraud, scamming you out of your money. To avoid these companies, you should compare programs on the basis of their promises and services.For-profit and non-profitThere is just a single difference between for-profit and non-profit debt consolidation programs- the way they file their taxes. Don’t get lured by the ‘non-profit’ status of a company because the biggest fraudulent entities claim to be non-profit bodies!Still, there are legitimate non-profitable companies. Many companies under the status non-profit’ are subsidized partly by the creditors that reduce the fees you required to pay. This type of working occurs in the companies that are for poor creditors.The litmus test of monthly payment quotesThe best way to get a fair debt consolidation company is by requesting a monthly payment quote. A debt consolidation company is able to offer you a proper quote if they are provided with information on your account balances, name of the creditors, the rates of interest. Now take this quote and compare it with those of other enterprises.There is a slight difference between quotes as all the enterprises would provide you with a similar low interest rate with a creditor. When you get anything very low, doubt arises.Services offeredAlong with requesting quotes, study the services offered by the companies. The services of the debt consolidation companies are to communicate incessantly with creditors to reduce rates, close the accounts and erase the late charges. When you see companies don’t mention these services, there’s doubt in their credibility. May be they are more keen to get your money than aid you.Even the companies which offer services of bankruptcy help or debt settlement are under shadows of doubts. If they are fair in their affaires, why should they do all these credit damaging works?Lastly take time to study the companies to find out the perfect match for you. Remember devoting time to the research will prevent you from many future burdens. |
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