December 18, 2017

Non-Profit Debt Consolidation

If you are currently in a position where you debt load feels like way to much to handle, you need to take a deep breath and relax, panicking will not help you. Once you have relaxed you can look at your current situation and try to work out your best options. One option you should definitely consider is contacting a non-profit debt consolidation firm and seeing if there is anyway that they can make your debt load a little more manageable.
Non Profit Debt Consolidation

What you should not do is walk into the first debt consolidation company you come to and immediately sign a contract. Nor should you assume that since the company says that they are non-profit that they are legitimate There are several things you should check out first. This is going to be a company that holds you finances in their hands, you can not afford to be anything but careful.

One of the first things you should do is call the Better Business Bureau. This call serves two purposes. The first thing you are confirming is that the non-profit firm is indeed a registered business. If the BBB does not have any registration for the firm, move on. You also want to ask if there have been any complaints. One or two complaints is nothing too worrisome, however if there are several complaints you should also start looking elsewhere.

When you contact the non-profit firm, you want to ask about their 501 certificate. This certificate is what a business needs in order to claim non-profit status on their federal taxes. If they can not produce the certificate they are a for profit firm.

After confirming that you are in fact dealing with a legitimate non-profit firm, you need to arrange a consultation In addition to going over your current finances, you need to ask the person how much they are going to charge you for consolidating their debt load. It is common for a person to assume that since the business is non-profit that there will not be any fees. Even though the firm is non-profit they do still have to cover their overhead. This means that they can charge you for their services, they just have to make sure that everything they make from the deal goes directly to covering their expenses.

What you should not do is trust the number that the adviser you are dealing with quotes. They should be able to tell you why they are charging you that particular price. Nor should you assume that their price is fair. You should have a list of all the non-profit firms in your immediate areas. You want to get an estimate from each one.

Just because a firm might be cheaper than all the rest, it does not mean you should automatically sign with them. This is a firm that is going to be handling a transaction that could determine your entire financial future You need to be comfortable with the choice you make. Go with the firm that instills you with the most confidence.

If you are seeking the services of a non-profit debt consolidation firm, there are some other things that you should probably consider. The first is seeking the assistance of a financial adviser who can help you plan a budget that will let you pay your bills and still have enough money left over to live on. The other thing you might want to do is get a part time job and using your wages from that to clear your debt sooner.

Learn more, click here: http://parents.berkeley.edu/recommend/legal/creditrepair.html

Speak Your Mind

*


*