When struggling with financial hardships finding professional advice can be difficult. There are plenty of credit counseling agencies that claim to offer services that best suit the customer, when their mission is to sell you a service you do not need. It is important to obtain credit counseling services from a reputable agency that provides unbiased service geared towards the client. To ensure you obtain financial advice from a trustworthy company, check to see if the company is recommended by The United States Trustee Program. They provide credit counseling and debt management resources that can help you make an informed decision. There are several questions you should ask your credit counselor when seeking debt management advice.
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Does your company meet the requirements of the law? New laws require anyone filing for bankruptcy to attend a credit counseling service from a nonprofit credit counseling agency. Some agencies misrepresent themselves as nonprofit agencies, if they are legally considered nonprofit they will meet Section 501(c)(3) of the Internal Revenue Service Code. It is also a good idea to check with the Better Business Bureau to make sure they are an accredited company.
What services does your company offer? It is important to find a company that offers many debt management services, such as credit counseling courses, budget counseling, debt negotiations, savings and debt management courses. Be suspicious of any company that offers a debt management plan as the highest priority service, as these often result in being locked into a repayment plan without considering all the options available. In addition, watch out for companies that guarantee they can erase your negative credit history. Debt management services can only put you on the track to catching up on late payments, which will repair your credit over time.
What are the qualifications of your credit counselors? Credit counselors are not salesman. They are providing a service to evaluate your financial situation and review debt management options. Credit counseling agencies should employ educated professionals that obtained their credentials outside of the agency. Be wary of any company that trains their employees "in-house". A professional credit counselor should hold a licensure as a certified public accountant, lawyer or certified financial planner.
How much will your services cost me? Many organizations are funded through government money or contributions by clients. At times, there are small fees for certain credit or debt management courses. Inquire about the cost of these services in advance. Ask if there are any initial or recurring fees, and get a quote in writing. Do not utilize services from any company that refuses to help because you cannot pay.
What options are available for me? A credit counselor should review all of your debt management options with you and be able to answer any questions you may have. Determine which credit counseling solution best suits your current financial needs. Credit counseling services have lots of free information that can provide you with guidance through your financial hardship. Consider the details surrounding your financial troubles, such as the amount of income lost, how long the financial hardship is expected to last and whether there are any funds available to repay creditors. Some credit counselors may suggest a debt management plan, which outlines the terms of repayment with your creditors. Make sure you can meet the terms and conditions of the repayment plan. Don't agree to the plan if you cannot afford to pay for it in a timely manner. Other options may need to be considered if you don't have the financial means to repay your debt in a timely manner. If you are considering bankruptcy, contact a qualified bankruptcy attorney to begin the process to determine if bankruptcy is right for you.
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