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Tuesday, February 24, 2009

A Word of Precaution with Financial Companies

By Paul J. Easton

Looking for a service that offers help in solving your debt problems? It always seems like a reasonable solution to ask for professional help when your bills turn to unmanageable levels.

Just a few words of precaution before you transact business with any financial company; check the background of the business including the history and performance with your state Attorney General, the local consumer protection agency, or the Better Business Bureau. They will provide information if there consumer complaints on file associated with the firm you are transacting with. Seek for their license detail to operate on your state with your state Attorney General as well.

Most firms charge a fee to offer the necessary help with your situation. Others will only be after your money and charge you unbelievably high fees yet fail to follow through on the services they recommend. Again, check the history of the firm you are to do business with as they may have complaints in the past.

Other companies may misrepresent some terms of a debt consolidation loan or fail to explain certain costs associated with certain deals. They may even neglect to mention that you are signing over your home as collateral to an agreement. Only deal with well-trained and certified counselors in this case. The stakes are too high for you to ignore these crucial information.

I saw firms advertising voluntary debt restructuring plans. However, they may not actually clarify that the plan is in fact a bankruptcy filing. Some firms are obscure with all the details or will not tell you everything unless you ask. Others are simply apathetic about help you get through this complex process.

Moreover, there are companies guaranteeing a loan if you shell out an advanced fee ranging from a hundred to even a thousand dollars. These advance-fee loan guarantees may be illegal and are worth avoiding.

While it may be true that legitimate creditors offer credit extensions through telemarketing and require you an advanced appraisal fee, they never should guarantee clients to be ascertained of a loan. You should be cautious of claims from companies appealing to consumers with poor credit histories. At this moment, be wary and take time with your every step. You can't afford another costly mistake this time.

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