"Scam this or that; scam here or there, man, there everywhere!!! It is like a norm already, and they called it legit debt consolidation.
I over-heardthat above statement from an old guy while I was on a bus to work. He's really pissed-off by all these scams that's happening everywhere and in any field, especially anything that involves money in it.
I cannot blame the old guy for showing his temper. As far as I know, all these scammers are really taking advantage of those weak people who are hoping for returns. Now, those people are in debt row who are financially unstable.
Normally, what they do is they offer their assistance to their victims and promise a "DEBT-FREE" life. As soon as they got the payment, from their victims, the scammers just fly like a wind.
And then, baammm!!! All of a sudden, what's left for them are the clothes that they're wearing, and the sad truth finally sinks in. They've been scammed!!!
So, okay; granting without admitting, there's really a lot of scammers out there, but I say, all is not lost; there are still legitimate & legal ones that'll do a legit debt consolidation process.
Before we go on further, I just want to give a short description/clarification of what I'm talking about:
What is Debt Consolidation?
-It is a process of asking approval to a professional company to talk and to reach an agreement with your creditors (the one you owe something) to achieve the lowest, agreeable, and most affordable monthly obligation needed to pay and satisfy all your credit accounts (debt); where you can dramatically reduce your overall interest rate, monthly payments, and most importantly pay-off time!
-Another one is, taking out one loan to pay off many others. This is often done to secure a lower interest rate , secure a fixed interest rate or for the convenience of servicing only one loan.
-It can be from unsecured loans to another, but oftentimes it involves a collateral (e.g house). In this case, a mortgage is secured against the house
What is a Legit Debt Consolidation?
-As the word imply; it simply means, a legal or trustworthy procedure wherein the debtor is given an alternative choice of payment that's not very hard to comply about his/her debt, at the same time the creditors right is not disregarded, which means they'll settle everything they've agreed upon without being partial/biased to anyone involved. Every transaction should be transparent for both parties and no under-the-table or back-door procedures.
A few things to consider if you want to avail of this program or process
-Be extremely careful whom you choose. Not every legit debt consolidation programs are created equal. Do the research and chose the better of the best ones.
-Inquire what services they provide. How much they charge and what are the services they provide.
-Inquire about guarantees they offer. Especially if they can't deliver what they've promised.
- You need to know the background and qualifications of their employees, in short do a background check. Have they been accredited or certified? If not, how are they trained?
-Check if their consultants/representatives are responsive to any situations that you need solutions. Make your own judgement whether they are trustworthy or not.
-Also try to find out how long a company has been in business.If a company is not willing to provide any type of evidence of their experience, don't make business with them.
-Ideally, the consolidation program should benefit you by having a reduction of your debts and have an affordable monthly installments. It should match your financial stability in order to meet the ends.
These are just a few of the things you should consider, in short, be aware of your instinct and common sense. When everything inside you are saying "No!" then get out of there fast and look for another.
Always remember: a legit debt consolidation firm/company/organization who sincerely wants to help you will not take advantage of you. The emotional and financial pressure about your situation should be taken care of- by them. Good luck and be debt-free. www.legitdebtconsolidation.com