Debt consolidation involves taking a loan to pay off many other loans. The loan is generally at a lower interest rate or a fixed interest rate and is generally against collateral, e.g., a house. Since it involves the col lateralization of assets, it is crucial that a legitimate debt consolidation lawyer should be working on the negotiations.
The following need to be considered before deciding on the company you want to do business with:
1. Membership to the Chamber of Commerce with accreditation to the Chamber of Commerce of the Unites States. This will ensure that the company is legitimate and work towards your best interests
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2. Membership to The International Association of Professional Debt Arbitrators (which is the Industry leading Professional Debt Arbitration & Debt Settlement Certification). Would be an added credibility as IAPDA certified debt arbitrators possess a solid understanding of the laws governing the Debt Settlement industry and fully understand your current financial situation.
3. The pricing for services rendered should be affordable and within your budget. Also, payment of fees for services rendered should not be paid in full before the work is done.
4. Check whether the company offers a performance guarantee or a refund / bankruptcy assistance in case they are not able to deliver the promised results. Avoid companies that make lofty promises or promise quick results, without any basis.
5. Ensure that the settlement program that is finalized will reduce your debts considerably and have an affordable monthly payment plan. The plan should be realistic and suited to your current credit card debt settlement needs.
6. Make sure that the debt consolidation company representative requests and reviews all of your finances thoroughly before offering a solution. If the representative offers a solution without assessing your needs, (s) he probably does not have your best interests in mind.
7. Go with your intuition and exercise due diligence to ensure whether the company representative is being honest with you. Ask plenty of questions to satisfy yourself and to assess whether you are comfortable with the arrangement. Ask for references from clients (and check these out) before finalizing a contract with the company.
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