Any time that you engage in a new financial endeavor, it is important to have sufficient information to be able to compare products or services that you may utilize. In the case of debt management programs, there are many different companies vying for your attention, after all, the entire debt management industry is very lucrative. Some of these questions will help yield general information that is reflective of most debt management companies. Other questions will result in specific answers that can help you determine the quality and credibility of specific companies.
Here are 20 questions that you should ask your debt management agent or representative before signing on the dotted line:
- Are you a non-profit organization?
- What services do you offer as part of the debt management program?
- Are you licensed to operate in my state of residence?
- Will I receive written confirmation of any legally binding contract?
- Do you provide free information about your services?
- How is your company accredited?
- What complaints has the BBB received in regards to your organization?
- Have all complaints been resolved?
- What is the mission of your organization?
- What makes your counselors stand out? How are the qualified?
- How are your employees paid?
- Do your employees receive any commissions by getting me to sign up for new products?
- What are the monthly fees associated with this DMP?
- What are the administrative or startup fees associated with my account?
- How do your strategies affect my credit rating?
- Will I have to close my credit card accounts?
- Will I be able to take on any new forms of credit during this time?
- How long will it take me to get out of debt on this DMP?
- Will I be able to apply for a mortgage or refinance my house during this time?
- What are the legal consequences if I am late or default on my payments?
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