Many of us are caught in Debt Trap more often than not? Feeling overwhelmed with your finances is very natural. The current pandemic has also brought more uncertainty to many lives. With more people losing their jobs or having had a cut in their hours it was has led to a greater need for debt consolidation.
We are here to simplify and solve these problems for you. Instilling proper money management and debt relief plans that provide our customers with the the best possible solution.
It is important to make the right decision. Getting acquired with the right know-how and doing self-research is something which can help.
There are various institutions which offer debt consolidation loans, including the banks, credit card agencies etc. Having problems with debt implies that the customer has fallen short of making a timely payment or that the credit score is too low.
Selecting the best out of many competing companies in the market can sound a little tricky. The customer has to analyze their financial situation and make a choice
Some points to keep in mind while selecting the company:
The first step is to check the credentials and certification of the company. Always check how old the company is and never forget to review the rating of the company. Scrutinize the website and make sure there are contact details and a physical address. Check there is information for customers to make complaints if they are unhappy with the service provided. Also, there might be some companies which can have a non-profit status. Always request evidence of their charitable status in such cases. If the company refuses or is unable to issue this information then be cautious.
2) Structure of the Plan:
It is crucial that you receive sufficient information in writing so you can read about the plans, cost structure, different methods, to ensure match it with your situation. Compare and check and see if it seems to be a good fit.
3) Low-interest Loans:
Wherever possible, people should opt for a low-interest debt consolidation loan by which they can clear their debts. The new loan must still be within budget and should clear all existing debts. A lower monthly payment does not necessarily mean it is affordable for you so an extensive review of your budget is required. Committing to a loan that has a lower monthly payment than your regular debt payments but is still unaffordable could make your finding the right debt plan more difficult.
Please be watchful of selecting the term of the loan. Make sure it is viable, economical and within your reach.
5) Fee and other costs:
Be mindful of the costs of solutions. Make sure you receive the these in writing so that you can read the terms and conditions carefully before committing to the costs.
6) The terminology:
Any agreements should be explained to you in plain simple English. If you do not understand any terminology that is being used then always ask before committing yourself.
A responsible finance service provider will help you make a fully informed decision. This means explaining the advantages and as well as any disadvantages of the debt services available to you. This will help you see how the debt settlement plans may affect you so that you can protect your own interests.
We understand that finding help for your debts may sometimes need urgent attention, however you must be patient and careful that your chosen company and solution is the right one for you.