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Choosing A Debt Management Program
By: Jesse Niesen
Warning: DO NOT Begin any Debt Management Program, UNLESS the Company You Choose
Meets these Six Criteria:
In fact, if these six criteria are not met, don't even get your hopes up...
1. The company has been in business for over one year.
If 9 out of 10 new businesses fail within one year, why would you want your
financial future dependent upon the success of a brand-new business?
There's been an explosion of debt management, debt settlement, debt negotiation
and credit counseling companies in the past 1-2 years. Check to see when the
company you're looking at began operations. BEWARE of brand new companies that
will ask for your business today, yet will be out of business by this time next
year.
2. The company's Reliability Report with the Better Business Bureau is both
listed and free of unresolved complaints.
Check here and watch out for companies with a long list of complaints:
www.bbb.org. Look at how long the company has been in business and contrast that
against the number of complaints the company has had. It's very rare for a
company to be in business for very long without getting any complaints, although
some have done it. Pay close attention, however, and RUN from any company who's
only been in business for a short time yet has a list of complaints with the
BBB.
If a company does have complaints, be sure they are resolved. Ask the company
about the complaint and trust your gut when you hear their response. Is it
genuine and understandable or do they sound defensive like they are covering
something up?
3. The company requires complete information from current statements BEFORE ever
giving you a quote.
The Debt Consultant / Counselor / Specialist requires you to provide all current
statements for your debt accounts before quoting you a monthly payment amount,
length of program or estimate of how much you can reduce your debt.
Beware of anyone who gives you a quote without thoroughly researching your
account statuses, creditor names, balance transfer, cash advance and large
purchase activities, minimum payment amounts and interest rates FIRST. This is
the surest sign of a company who is only out for your initial fees and either
has no intention or ability to service your accounts after you sign up.
4. The company is working for you, not your creditors.
In whose best interest is the company looking out for? Better make sure you
know! If you ask a bankruptcy attorney what your best option is, what do you
think you'll hear? Of course: bankruptcy. But is it really best for you, or best
for the attorney who gets paid a healthy fee and never suffers the consequences
of the bankruptcy filings that you must live with for the rest of your life?
What about the Mortgage Banker or the Credit Counselor? Think they work for you?
Think again...
5. The company is focused on helping you find the right solution for your
situation, not forcing you into the only solution they provide.
Is it possible for a company who only provides a single solution to provide you
with unbiased guidance in making such an important financial decision? Maybe.
But is it likely? No way. There's a trend in financial services that a few
companies are finally catching on to, and that is focusing on a client's needs
and meeting those needs, instead of trying to "put a square block into a round
hole."
Many companies specialize in a single solution and they are indeed the best at
providing such a service, but how do you know that's the solution that's best
for you? Who do you go to for guidance in deciding what's best for your
situation? Look for a company who can provide any solution you may need. Find a
company whose focus is finding your best solution, instead of fitting "their
solution" onto you.
6. The company has real results, a solid, proven track record and plenty of
actual clients who are raving fans recommending their services.
Take some time to read testimonials, if they are offered at all. Ask yourself if
they are genuine. Listen if you can. Look for a company who can show you
examples of what they do, proof of the results they claim and plenty of people
to refer to who have experienced the company's services.
About the Author:
Jesse Niesen is the COO of STARTOVERTODAY.COM, a Nationwide Financial Solutions Company solving financial, debt and credit problems for clients nationwide.
Jesse has led STARTOVERTODAY.COM in helping thousands of people resolve over $20,000,000 of unsecured debt since the summer of 2002 - without any complaints to the BBB. http://www.startovertoday.com |
