Finding a Reliable Debt Consolidator
Doing research to find a reputable company to help you consolidate your debt, grant you some peace of mind, and offer fees and terms that are right for you, is of paramount importance.
Six Measures of Reliability
In order for you to find a reputable dealer in debt consolidation loans, and someone reliable with whom you can trust your financial affairs as well as your peace of mind; here are six benchmarks you should use to be sure you are not in the hands of swindlers.
Measure One – Research
Good research is invaluable and is an important first step that will tell you a lot about various companies and whether or not they could be swindlers. You would be wise to check the business directories of the Better Business Bureau. They will have lists of companies available to those seeking debt consolidation loans along with a rating of how they have performed for customers in the past. You should also avail yourself of online personal finance forums. There you can find actual feedback, endorsing or damning, by other folks who have been down the same path you are about to trod.
Measure Two – Fees
When you first approach a debt consolidator, if you are asked for any upfront fees before a case manager will work for you, immediately find another lender. Companies that are truly interested in helping you out with your financial problems should review your financial information, answer all your questions, and offer you quotes on the fees and terms for their arrangements without asking for any upfront consultation fees.
Measure Three – Pressures
Look out for lenders who offer too much, with too little care, talk too fast, or tell you that you are facing a once in a lifetime deal that will expire at midnight and please sign on the dotted line right now before it is too late. No legitimate consolidator is a fast talking, pie-in-the sky counselor. Make a quick exit. You need time to consider many things before you go signing your name.
Measure Four – Referrals
A certainly good way to find yourself a reputable debt consolidator is word of mouth or referrals. Seek out the advice of friends or family members whom have used the same sort of service. Again, ask questions online in personal finance forums or other venues where people in your situation may gather and talk.
Measure Five – Address
Many spurious organizations will not usually offer a physical address. Especially in online offerings, a company can simply disappear and set up shop again in another part of the internet with a brand new name. Another reason not to offer upfront fees. Insist on a physical address with any lender. Those that are legitimate will have no problem supplying it.
Measure Six – Quotes
Most firms in the business of offering debt consolidation loans will usually come up with pretty similar quotes. Any differences should be rather negligible but still worth the effort of shopping around to find the lowest. However, if a company comes forward with untowardly high or low quotes compared to others, be cautious; ask them how they can offer such rates compared to others.
Of Course, Temptation Is Evil
Temptations of very low rates, false promises, very short repayment terms, all will lead you to lose your money in the end without being properly served. Ultimately, rely on your gut feelings. If something feels not right, it probably will be not right. Of course, do your research and be cautious from the beginning.
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ABOUT THE AUTHOR
Melissa Kellett has a Master in Finance and has been a financial consultant for years. She specializes in Poor Credit Loans people and also in helping people to get approved for Personal Loans, unsecured loans, Guaranteed Unsecured Loans, no credit check loans, student loans among many other financial products. Visit her site at http://www.speedybadcreditloans.com