What Are The Top Questions To Ask To A Debt Counselor Agency?

Debt counselling help from a professional agency might be what you need when you want to manage your mounting debt, possibly consolidate them and get a lower interest rate negotiated with the lenders. Find out about some of the top questions that you need to ask to such an agency.

What are the services offered?

You need to search for an agency that offers diverse services, such as classes on debt management and savings, budget counseling services and more. Avoid working with companies that extend a DMP as the sole option for you, prior to spending a lot of time in evaluating your own monetary situation. Ask directly whether apart from aiding you in solving the immediate issue, the counselors will help you n creating a plan to avoid future issues.

Is your company licensed?

Find out whether the company has the license to work in your state, and offer services therein. Know how much qualified the counselors are, and whether they are certified and accredited by an external organization. If that is not the case, find out who has trained them. Try using the services of a debt settlement in Ontario Company that has its counselors educated and coached by a party that is non-affiliated.

Are information and tools offered?

Check whether the counselors also offer information to you. Can you get training materials from them completely free of cost? You would do well to avoid all those agencies that charge a fee for information, or for tools that can help you with the settlement of debt.

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Top Questions to Ask During Credit Counseling Process

Are you trying to pay your credit card debt off? In that case, the services of a credit counseling agency can help you in getting debt relief by exploring all the possible options that you have. Know about some of the most important questions that you need to ask during credit counselling in Ontario.

Is your service non-profit?

First of all, you have to check whether the counselor is associated to a nonprofit credit counseling agency. Nonprofit credit counseling companies tend to charge lower fees, given that these agencies sustain on grants that are given by credit card companies. You can get the initial consultation completely free of cost, and also the fees for starting your debt management program would be lower. However, for-profit consumer credit counselling companies are associated with very effective solutions, which make them worth trying out.

How many payments before I get debt-free?

It is essential to set a timeline. The counselor has to be able to inform you how many months you would exactly have to be in the program for. Most debt management programs (DMP), on an average, go on for around 36 - 60 payments. You can be debt-free before 5 years have passed.

How much would by monthly payments be reduced by DMP?

Debt management programs, on an average, can reduce the total credit card payments of eligible consumers by as much as 30 - 50%. But your monthly payment amount would reduce based on your budget and debts. You have to find out about the exact amount that you are supposed to pay every month.

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