Your Questions About Debt Management Companies
James asks…
Can debt management companies be trusted?
I’ve been in a program for 10 months now. I’ve recently come into some money that will pay all these bill off. Now I’m a little conserned about sending a rather large check to the debt management company. They’ve been good in the past, paid what they said, but it just bothers me to send this much money to them. I wonder if I should pay the bills myself or let them do it. This is a once in a life time chance for me I can’t screw it up.
Joe answers:
The debt management industry is one that is notorious for fraud and taking advantage of customers. It is encouraging that the company has been good to this point. I would do a little more background checking on the company to make sure there are not any major complaints about the management company. For extra security, I would make an effort to send your debt management company a letter or email (something in writing) to let them know that you will be sending in the remaining balance. This way you have something else to point to if the worst happened and things don’t go as planned.
Lizzie asks…
Are debt management companies worth the risks?
Is is worth my time and effort to used a debt consolidation company? Are there any good companies? What are they? How will it affect my credit score?
Joe answers:
Your best bet is to either take out a personal loan from your bank to pay off all of your debts or work out plans with each individual company you owe – those consolidation programs destroy your credit because you don’t pay your bills and then your accounts go to collections and thats when the companies step in to settle the debt – I wouldn’t do it
Charles asks…
Are there any good debt management companies out there?
I’ve heard that In charge solutions is a good company. I’ve heard that they are a non-profit organization.
We have a little over five thousand dollars in credit card debt and other misc. things.
We are only making two thousand dollars a month.
Any answers will be much appreciated!
Joe answers:
Consumer credit counseling services.
They are wonderful. We used them.
Not for profit. Dont go to anyone who wants to make money off of u.
I think the website is cccs.org
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