Home Finance 10 Considerations to Make Before Choosing a Debt Consolidation Company

10 Considerations to Make Before Choosing a Debt Consolidation Company

5 min read

When attempting to eliminate mountains of personal debt, people often have difficulty deciding on a debt consolidation company to assist them with their financial planning efforts. By simply entering the words, “debt relief St. John’s” into a search engine, Virgin Islanders can find a slew of seemingly reputable financial companies to work with. But how should the selection be made? Here are 10 considerations to make before choosing a debt consolidation company.

1. Check ratings and reviews not listed on the company’s page

Reviewing the ratings of a debt consolidation company is vital and should be conducted through web pages that are not affiliated with the consolidator. This way, customers can become privy to honest, informative reviews.

2. Ensure that the specific debt solution you are seeking is available at the company.

Debt consolidators often offer services that range from bankruptcy proceedings to monthly payment services. If you seek a specific solution, make sure the company offers it before moving forward with the hiring process.

3. Call the company directly.

When uncertainty raises its ugly head, it is always best to speak with company associates for the sake of clarity. Sometimes it is easier to gather information by speaking with a person.

4. Compare prices with competitors

Although prices for consultations and debt consolidation services may seem similar on company web pages, it is important to gather the actual prices for specific services for comparison.

5. Compare monthly payments with competitors

It is also important to compare monthly payments for debt elimination. These prices differ from prices listed for services and must be paid on a monthly basis to creditors.

6. Ask if the company charges before delivering results.

In many debt consolidation companies, fees must be paid before the company has accomplished any positive result in the customer’s consolidation agreement. To avoid this, look for companies that promise to make no charge before results are delivered.

7. Review the amount of customers the company has worked with.

If a consolidation company has 5-star reviews, but has only worked with a small amount of clients, the review level could be misleading. Check to ensure that the company has a sufficient amount of experience.

8. Check certifications and licenses.

Certifications, licenses, and other achievements can usually be found on a consolidation company’s “about” page. These accolades can help you locate a reputable company.

9. Select a company that offers informative courses.

When searching for a debt relief agency, it is important to select a company that educates as much as it consolidates. Debt relief services are of little use if customers continue to involve themselves in damaging financial practices.

10. Review the company’s debt management plan.

Always review debt management plans to ensure that they correlate with your personal goals in alleviating debt.

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