helpSometimes we just can’t seem to get out of the red. Whether you’ve borrowed too much, or have a mounting credit card debt, sometimes it’s necessary to call the experts and get our financial situation sorted. In many cases, calling on the help of a debt consolidator can save your financial future from complete ruin. If you’ve found yourself in a world of debt, and finally come to the conclusion that you must seek help immediately, read on. Here are 5 questions to ask yourself before getting expert help on your debt.

 

1. Are they reputable?

Of course, before signing with any debt consolidation company, it’s important that you do your research and find out as much as you can about them. The fact is, some companies are better than others, and when it comes to handling your financial matters, you’ll only want to deal with those that are reputable, such as Fox Symes of the FSA Group. But, by all means, do your own research online, ask friends and family for recommendations, and contact prospective debt consolidators directly to see how they handle your questions.

 

2. Do they offer good customer service?

When you start dealing with a debt consolidation company, you’ll usually be entering into a long term contract with them. Unfortunately, paying off your debt can take some time – especially if you’re already struggling to make ends meet. This means that it’s absolutely vital that whoever you deal with has a great record of providing great customer service. Some companies make more of an effort than others to help their customers, and so it’s wise to spend a little time separating the wheat from the chaff, so to speak. Again, do your research online, and ask friends and family.

 

3. Do they manage your account themselves?

Some debt consolidators actually sell your account to rival companies, and just act as a front. Try and find this out before signing with anyone. If they’re passing your account to a third party, then usually it will be better to sign directly with that third party. Why? Because they will usually be able to offer better terms (and perhaps better rates), plus you’ll be dealing with the real experts who actually know what they’re doing.

 

4. Will they take action on your accounts immediately?

Unfortunately, sometimes this important question gets overlooked. It’s important that whichever debt consolidator you choose to look after your accounts acts right away on helping you get a handle on your looming debt(s). Some companies won’t start paying on your account until the next calendar month, and this can put you under even deeper.

 

5. Can I terminate my account early?

In general, you want to avoid going with a company that has high penalties for customers who terminate early. Things change in life, and you never know when you may need to switch companies – for whatever reason. Finding out exactly what kind of fees will be imposed in the event of early termination before you sign, may save you from paying exorbitant fees if you need to end the contract early. And this is the last thing you need when paying off your debts.

It’s important that you take your time before signing with any debt consolidation company. Some companies are better than others, and choosing the right one can make all the difference between a debt that gets paid off with the minimum of time and fuss, and one that drags on and on. Nobody likes to be in debt, so choose wisely, do your research, and hopefully you’ll be debt free in no time at all.

What other tips do you have?

About Robert Farrington

Robert Farrington has written 77 articles on this site..

Robert Farrington is the founder and editor of The College Investor, a personal finance site dedicated to young adult and college student finances.

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