Quick guide to choosing the right debt help companies for you
November 18, 2021at4:00 PM
Feeling overwhelmed by your debt? The right debt management program can free you from the hassles of dealing with creditors breathing down your neck and help you rebuild your finances. On the other hand, a poorly designed program can make things so much worse.
But how do you tell them apart?
Given the importance of this decision, it’s important to know what to look for when choosing a debt relief company. Let’s start with what they do.
How do debt management programs work?
Debt help companies provide relief programs designed to restructure your debts so it’s easier to pay them off. These programs are usually tailored to your situation. They involve negotiating better terms, consolidating your unsecured debts into single monthly payments, and streamlining the repayment process.
Because of the personalized nature of the relief programs, the primary focus is on finding the right company to provide them.
Like every important decision, finding the right debt help company will require some due diligence on your part. The problem is the amount of information you’ll find from a simple Google search is often overwhelming. So how do you filter the noise to get what you need to make an informed decision?
Our top 4 things to look for when choosing the right debt management company
The best help management companies share a number of important qualities.
1. They have an excellent turnaround time
When you’re working on your debt repayments, you want to get things started as quickly as possible. The longer you delay, the more those interest payments pile up.
A good debt settlement company has a track record of expediting settlement negotiations so you can begin the repayment in earnest. They’re able to bring about the settlement offer quickly thanks to their solid relationships with the major financial institutions.
There’s a huge risk that comes with working with a settlement company that is demanding some form of upfront payment. They’re breaking the law and therefore liable to be shut down. This could result in you losing everything that you may have already invested in their programs.
3. They don't charge unreasonable add-on fees either
These types of fees come in many forms — administrative fees, signing-on fees, consultation fees, and so on. In most cases, they’re just an attempt by the company to get around the FTC ruling and related debt relief laws enacted after the Great Recession of 2007 to 2009.
The best debt help companies only charge a settlement fee, which is due after your debt is settled. Even if they will charge any other fee, it must be reasonable. According to The American Consumer Credit Counseling (ACCC), any fees charged should not exceed $50 per month.
4. They have an experienced financial team
Experience has always been a sought-after quality in the finance space. You can tell a good debt relief agency by the depth of experience of its financial team. The ACCC recommends shortlisting debt settlement companies that have been in business for at least seven years.
At Debt Help, Inc., we’ve been providing tailored debt relief programs for over 15 years. This places us in a prime position to work out the best settlement plan based on your debt situation. We’ve even created a debt calculator tool so you can quickly see the difference our programs can make on your debts.
Speak with a live Debt Help representative now!
Debt Help, Inc. is here to provide the necessary assistance and expertise to properly manage your unmanageable debt. Our years of experience and industry connections mean that your search for the right debt help company ends with us. We’re also a seasoned credit counseling provider dedicated to helping you establish a realistic path to becoming debt-free.