5 Useful Tips To Avoid Devious Debt Settlement Companies
We widely perceived that debt in Canada is a similar concern to all the settlers in any part of the globe. In fact, whenever an individual feels the heavy loads of debts, the common refuge is through debt settlement. However, there are things that have to be considered before choosing a company that offers debt settlement program. This is because there are devious companies that you must avoid.
5 Tips to Avoid Debt Settlement Scams
These useful tips will help you shun a devious debt settlement program. Getting sufficient ideas concerning the information listed gives you signs to avoid the company.
Understand The Statement
Make sure that you are aware of the charges that the debt settlement provider is imposing on you. It is imperative that you carefully read and understand the settlement agreement and make sure that you get every detail on the statement. This is because there might be certain points that are hidden on the fine print that you missed to check. You have to make sure that you have scrutinized every angle and every detail in the writing.
Don’t Submit to Pressure
The point is, most debt settlement companies will draw your intuition into the need to enroll in their program. In fact, you should understand that they should only layout their services and allow you to decide on your own with their guidance and not put pressure on you to use the services that they offer. Companies as such as known to be putting pressure on you as they do their sales talk. The bottom line is, make sure you use your brain and not your emotion.
Verify Company’s Credibility
A LEGITIMATE debt relief or debt settlement company may be regulated by a Financial Conduct Authority and should be registered with the Information Commissioners Office, or any related licensed association that distinguishes the company as reliable. It is important that you do certain research and background check of the company. Also, you might need to ask them certain questions that may suffice the information that you need when checking.
Don’t Be Deceived by Big Names
We do not recommend that you must cast away your attempts to seek big companies to supervise your debt settlement. The point is, you should not be blinded by names, you must take precautionary measures in verifying the credibility of the company whether it is known or not.
Is The Company Truly Canadian?
You also need to find out of the debt settlement company is for Canadians. You can try to reach them in the contact options to make sure that you get to speak to a real person. Also, this is to ensure that the hotline or the company is legit. You can ask pertinent questions about the company as a way to find out more about them.
Moreover, we hope that these tips are useful for you to make a sound choice of the debt settlement company that you can rely on. You must also weigh in your options to check if debt settlement is the right solution for you.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.