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With the global economy still teetering on the precipice and families find themselves in a mountain of debt, you can imagine the high demand for these professional negotiators to help you settle your debts. But, as they say, nobody is created equal and that much is true with consolidation companies. You can narrow down your list by asking the following questions:
Is the company certified by any industry and regulatory association?
In Australia, the federal government body Insolvency and Trustee Service Australia (ITSA) oversees these debt consolidation companies. If they say that they are authorized to negotiate on your behalf, it?s easy enough to double-check their claims by logging on to the website of ITSA. The advantage of working only with the certified companies is that you are assured of professionalism and ethics during the whole process. They are also subject to rigorous standards, which would mean they only employ authorized counsellors. In relation to this, ask if the counsellors are paid for commission. While it?s not exactly wrong, you could end up paying for superfluous services.
Can they help teach you how to manage your finances?
To most people this may seem unnecessary. But you don?t really want to find yourself in the same sinking boat again in a few years. You may think it?s not your fault the economy is bad and you may be right, but there are ways how to manage whatever is left of your income. Accredited companies can educate you on this regard before and after your debt consolidation loan is approved. If the company representative tells you that they offer no such thing, that?s already a red flag against the capability of the firm to help you.
What are their payment terms?
Steer clear of any company that asks for upfront fee even before it starts processing your application. In fact, you should get a clear quotation and even be provided with a copy of the Terms of Service which states the estimate, the time frame to finish the debt consolidation process and how much money you will eventually save. Although you will need to pay for the processing and set-up fees, these are only minimal amounts that you should have no problem covering.
Article Source:?http://www.bharatbhasha.net
Article Url: http://www.bharatbhasha.net/finance-and-business.php/392606
Article Added on Friday, August 31, 2012
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Source: http://www.bharatbhasha.net/finance-and-business.php/392606
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