As long as there has been money, there has been debt and as long as there has been debt, there have been people ready to help you out with your money. These folks we call “bill consolidation services.” There seems to be all different types of talks and thoughts about the process of bill consolidation. Let’s see some facts:
Recognizing the Pros
When you go to choose an agency to help you consolidate your bills into one lump sum, you need to know who you’re dealing with. There are many reputable companies out there and recognizing which is the right fit for your situation is imperative to your success. The best bill consolidation people will tell you, upfront, what they stand to gain from helping you with your problems. Don’t think they’re in it necessarily for their health. They are a business, after all, but if they’re a reputable one, they will give you the overall cost of their service upfront in an agreement to help you get your bill consolidation done in a timely manner that’s doable for you and for your creditors.
And if you think it’s not important to talk to your creditors (they’re the folks you owe all the money to originally,) think again. Establishing a good rapport with those you’re in debt to is one of the best features of a good bill consolidation company. They’ll make sure that your credit companies are well aware of your new attempts at paying the debt to them, by way of the bill consolidation services. Also, these people will act as your personal advisors in re-establishing both your credit and your budget so that this sort of over the top debt does not occur in the future. If any of these things mentioned is not part of the bill consolidation firm you’re looking into, walk away quickly, and find another one.
Recognizing the Cons
The best way to know when you’re dealing with a con is to understand what is actually the reason for them wanting to help you. In other words, you know what they do – bill consolidation. But what’s in it for them? For instance, if a bill consolidation service claims to be a not for profit service, find out how, exactly, they are funded. In most cases, these types that aren’t actually working for the greater good will insist that an upfront amount, to defray administration costs, is necessary, while at some point, after the service of bill consolidation is underway, a much larger “donation” will be encouraged, or in some cases, demanded, for services rendered.
If you have run into this sort of strong-arm tactic from an agency claiming to provide bill consolidation services, file your complaint first with the better business bureau and then get out of any current agreements with the company and refuse any further service from them, bill consolidation or otherwise. Disassociate yourself with that organization entirely. In the long run, your dealings with them could cause you even greater financial disaster and credit problems in the future. And finally, it goes without saying; any company that asks for personal information should be able to provide same. If they refuse, you refuse to do business with them.