With the national debt growing by the second, and individual personal debt as well, persons need “to get back to basics” in shaping their own financial future and become solvent once more. Nest eggs are not a thing of the past and that’s probably where people got off of track financially but how to choose a debt reduction plan or debt relief plan is not something to enter haphazardly.
One of the best ways to choose a good debt reduction plan is by reading debt relief program reviews. Many of them have a rating system for different debt relief programs and debt reduction companies. From their reviews you can learn: of any known scams; complaints filed against some companies by clients; and how many different plans are offered by which company. They are an important piece to have in your arsenal when deciding on a debt reduction plan or strategy. (However, it is wise to also research the debt reduction plan reviewers themselves.) Some of them have been known to rate a company for a “fee” and not because of merit.
Another way to help choose a good debt reduction plan is by checking to see how many different plans of debt relief are offered by the company. If there is only one plan, then perhaps another company should be selected. Also, determine if the plan discussed is easy to understand by the client.
A major factor to consider in selecting a debt reduction plan is how does the company get paid. Usually, they’ll get a percentage of the money they saved you but this is not always the case. It is a person’s right to know this ahead of time.
Another thing to consider is howlong has the company been in business and by whom is it accredited or endorsed. Please read an article by Mr. Sam Montana who expertly wrote on the subject of the Better Business Bureau . The BBB is one “reputable” and well known organization but not always the best in unbiased ratings, in this writer’s opinion.
Also, does the company name appear in debt reduction plan reviews? If so, are any complaints filed against the company? “Google it” under the company name, “scams” and “complaints filed” and see what comes out.
A good debt reduction company will have a staff of counselors to help their clients evaluate their financial situation; make a workable budget plan; and be effective in negotiating with creditors in the debt reduction plan process. They also must know how to call off harassing debt collectors from incessant phone calls.
In the area of fees for services rendered by a debt reduction plan company, this is an “iffy” but most reputable companies will not charge a fee, upfront or otherwise. Most fees are wavered.
These above mentioned factors should be a help for individuals as they choose a good debt reduction plan to help them on their way back to financial recovery. However, let it also be known that many times, according to the circumstances, a person may not have another recourse but to seek the services of an attorney. Sometimes, the person himself can also negotiate with the creditors without need for a company to intervene. At any rate, there are many options available. Have faith and continue on with the most appropriate plan of financial recovery – for it will happen.
Authored by Beverly Anne Sanchez, 2010