Posts Tagged ‘best payday debt programs’

How To Rate Different Types Of Payday Debt Programs?

Trying searching for payday debt programs on Google and you will be bombarded with hundreds of attractive offers in the search results. But, it is very important for you to keep in mind that not all debt relief organizations that offer these types of programs are legitimate ones. Besides that, just because an organization is a legitimate one and is duly licensed to offer such services, it does not necessarily mean that you should sign up with them. There are plenty of factors that you need to take into your careful consideration in this regard. Considering the very fact that there

are many unscrupulous debt relief companies in the market and that they are more interested in making money from you rather than assisting you to get out of your payday debt problems, you are strongly recommended to evaluate those companies as a whole. Their offers may sound quite attractive but it is very much possible that they are not telling you the whole truth. Therefore, you must fact-check every claim they are making before you sign up for their services. In order to rate the quality, affordability and efficiency of the different programs offered by these companies, you must do a thorough review and analysis of their rate of success and the level of dependability. The following suggestions will help you make an informed decision in this regard.

Consumer Satisfaction Rating

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When it comes to choosing the best payday debt programs, you are advised to avoid all those organizations that are not registered with the Better Business Bureau (BBB). Though it is not legally mandatory to acquire the membership of the BBB, the affiliation with the BBB is a solid indication that the organization in question is serious about its business and that it is a legitimate one. The Better Business Bureau maintains all the records, such as whether the company has been successful in delivering the services as promised, how long they have been in this business and whether their customers are satisfied. The BBB also issues consumer satisfaction rating for all companies that are affiliated with them. You are strongly recommended to avoid those with a very low favorability rating, such as an “F” or a “D”. You may also like to look into the favorability reports in detail, such as to know about the types of complaints filed and whether they were solved (if yes, how).

Review The Records Maintained By Your State Attorney General

In order to review the payday debt programs, you should also contact the office of your State Attorney General and request them to allow you to access the records maintained by them about the debt relief organizations in question. Needless to say, you must avoid all those companies that have been sued by consumers or by the State Attorney General. Review the complaints filed by consumers thoroughly. It is possible that you come across some new details that you could not find with the records maintained by the better Business Bureau.

Review The Claims Made By Payday Debt Relief Companies

In general, the companies that make claims that sound too good to be true do not make the best choice for you. For example, if an organization claims that they can reduce your overall payday debts by as much as 50-70 percent is not a trustworthy one, especially if they are making claims without doing any thorough assessment of your financial and debt situation. The best companies are the ones that first review the specific financial situation you are currently in and then make suggestions on which type of payday debt programs can make a suitable choice for you. It is also important to note that genuine payday debt relief companies do not charge any fee for the assessment; they charge their fee only after fulfilling the promises they make. Be wary of those organizations that require you to pay their fee upfront.

Review The Cost Of The Programs

You have to be extremely careful while you are reviewing the actual cost of the different payday debt programs. For example, you may come across companies that charge a referral fee so that they can refer you to a “suitable” payday debt relief organization. You are strongly recommended not to do any business with such companies; if you do, you will end up losing hundreds of dollars without any benefit. Likewise, you should also be wary of all those organizations that do not discuss the cost of their programs in advance. As per the US laws, it is legally mandatory for them to disclose the actual cost in the contract paper. If there are any hidden clauses, the same must be explained thoroughly in the agreement documents. Therefore, before you sign the fine prints, you must review the ‘disclosure box’ thoroughly. As per the Consumer Federation of America, there are certain legal maximum limits on how much fee payday debt relief organizations can charge. For example, the monthly maintenance fee must not exceed $25 and the set-up fee of up to $50 can be charged only once. Avoid all those organizations that charge more than this.

Avoid One-Size-Fits-All Solutions

Last, but not the least, it is very important for you to understand that it is not necessary that the payday debt programs that have worked for others will work equally efficiently in your case as well. Therefore, you should also avoid all those companies that offer one-size-fits-all solutions. You must always compare the solution suggested by different programs against your specific needs and requirements. Depending upon your specific situation, you may have to choose from an array of options, such as loan modification, payday debt consolidation, debt settlement, or sometimes, just credit counseling.

Review The Details Provided At The Websites Of The Companies

Legitimate companies provide all the details about their programs and past records on their official websites. Therefore, it would be wise to compare the success rate of the programs as claimed by the companies on their websites with the success rate recorded by the Better Business Bureau as well as by the State Attorney General’s office.

Last, but not the least, you will also come across many companies that claim to offer non-profit payday debt programs. If so, you must first confirm whether the company is registered as a 501(c)(3) organization. Besides that, it is also important to note that just because the programs are being offered by a non-profit organization, it does not mean that the organization is a legitimate one or that they are offering ‘free’ services. You should still do a thorough background check about them.

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