Posts Tagged ‘payday debt consolidation service’

3 things to avoid before signing up for Payday Debt Consolidation Service

If you are looking out for a payday debt consolidation service, you have to be very careful with your decision. Like any other field, there are several unscrupulous companies in this field also. Therefore, you must first do a thorough background check of the debt consolidators before you go ahead and sign up with them. In general, those that are members of the Better Business Bureau are usually the genuine ones. But, not all genuine companies make the right fit for you. The best company for you is the one that is legitimate, highly reputable, has impressive success record, and offers a wide array if debt relief services at reasonable price. Following is a brief rundown on three most important things that you must avoid at all cost.

Confidential Information

In order to choose the best payday debt consolidation service, you first have to request free, no obligation quotes from different companies. Make sure you do not provide confidential information in the quote application forms, such as your Social Security Number, your bank account details, and other such things. Any company that is asking you provide these highly confidential pieces of information is very much likely to be an unscrupulous one. However, when you sign up with a company, you may have to provide these details. In that case, you are advised to first read the privacy policy that the company follows. If a company is running its business without any privacy policy in place and just gives you verbal assurance is again not trustworthy.

Upfront Payment

As per the laws applicable in the United States of America, companies that offer payday debt consolidation service must not charge their fee in advance. They are legally obligated to first fulfill the promise they have made to you and then they should ask for their commission. Therefore, you are advised to avoid all those companies that require you to pay their fee (no matter how small it is) in advance.

High Maintenance Fee

You may also come across various other types of debt consolidators that will not charge their fee in advance, but will deduct a high maintenance fee every month. This is again something you have to avoid.

Never accept the first offer that comes your way. The debt consolidation companies out there are very well aware that you are emotionally not very strong and are overstressed because of the mounting debts that you owe to different payday loan companies. Most of them will try to take advantage of your situation. Therefore, when it comes to choosing the best payday debt consolidation service, it is very important for you to make your decision on the basis of facts and figures, not just on your temptation.

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What are the pros and cons of debt consolidation?