What To Expect From A Debt Consolidation Advisor
By Gibran Selman
There comes a time when you fall behind on your monthly debt payments, and the only solution in sight is debt consolidation. You will need to find a good debt advisor, who will negotiate with your various creditors to:
•Help reduce the interest on your outstanding debts
•Seek to reduce or eliminate late fees or penalties
•Reduce your credit card balances within your budget through new payment schedules
In addition, your debt advisor should:
•Ensure you will not repeat the same mistakes by offering you credit counseling
•Advise you to limit your access to credit so you do not get further into debt
With a number of debt agencies out there, you need to be judicious in your selection of a debt advisor. This is what you should expect from him/her:
•Good Customer Service – You can expect good service if the agency assigns a debt advisor specifically for your account to explain the debt procedure, answer your queries, and continue to provide assistance as and when required.
•Maintaining Account Flexibility – While the debt advisor’s job is to try to help lower your interest rates, he/she should maintain account flexibility.
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•Free Debt Quote – Keep well clear of those agencies that ask for a fee to 'analyze' your financial situation. Once they get your finer details, they can pitch in to make easy money. Analysis and debt quotes should be free.
•Providing Concrete Timelines – The standard answer to time required to payoff all debts is 2 to 4 years, but your advisor should be in a position to give a break up of each account, and how long it will take to pay them off. You should be cautious, if he/she is unwilling, or unable, to provide this information.
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