Debt Consolidation

How To Get Quote From A Non Profit Debt Management Company?

There is a common misconception about non profit debt management companies that such organizations offer free services for consumers who are facing debt problems, which is not always true. Just because a company is working on a non-profit basis, it does not necessarily mean that they do not charge for their services. The “non-profit” tag only says that the company does not make any profit from customers. Besides that, it is also very important for you to keep in mind that these days many companies are trying to attract more customers by claiming to be a non-profit organization, but in reality they charge a substantial amount of fees from customers and do not even keep their promises. Therefore, you must do your research thoroughly before you request a particular company for a debt management quote. Following are some of the basic steps that you need to follow in this regard.

Look At The Complaint History Because The BBB Ranking Can Sometimes Be Deceptive

The BBB (Better Business Bureau) ranking of a non profit debt management company can sometimes be deceptive. Therefore, you are strongly recommended to look into the complaint history of the companies rather than just their ranking. Even if the ranking is good but if there have been lots of consumer complaints against a specific company, you should never go for them. Rather, shortlist at least 3-4 companies that have fewer or just no complaints against them and they also have a good BBB ranking.

Be Very Practical And Honest About Your Current Debt Situation

Once you have short listed a few reputable non profit debt management companies, the next thing you have to do is to gather information about your debt, such as the outstanding balances on the loans that you owe to different creditors, interest rates that are being charged on those loans, the name and contact details of your creditors, the actual loan amount you had borrowed, how much you already have paid, the repayment period, and other such details.

Schedule An Appointment With Each Company

Give a phone call to the shortlist companies and schedule an appointment with each of them. Tell them clearly that at present you are just looking for a no-obligation free quote. If a particular company asks you to make a certain amount of upfront payment, it should be taken as a clear warning sign and you should immediately remove that name from your list.

Be Well Prepared Before You Go For Consultation

Unless a non profit debt management company has complete information about your debt situations, it will be not possible for them to provide you an accurate quote. Therefore, make sure you are well prepared before you go for the appointment. You must carry all the documents and a brief summary of your debts that should contain the very basic details (as mentioned in the Step II). Always remember, you are here looking for a no-obligation quote only, which means just because you are receiving the quote, it should not make you obligated to sign up for the services offered by that company.

Study The Quotes At Home

Take some time to do a thorough study of the quotes received from different non profit debt management companies. A thorough comparison will help you make an informed decision about which debt management advice can work best in your specific situation. In fact, it will be better if you take the copies of those quotes to an independent third party, such as a lawyer. This way, you will be able to get some unbiased opinion on which quote is the most suitable for you.

Last, but not the least, before you finally decide to go with a specific quote, you must also have a clear idea about the long-term effects of using a non profit debt management service, such as how it is going to impact your credit score and other such things.

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