10 Questions to Ask Your Debt Expert
You can’t trust just anyone with your life and your future. Just like you wouldn’t let any random person watch after your children, you shouldn’t let a random individual look after or advise your finances. Before officially starting out on the debt settlement process, it is crucial to find the debt expert that has the experience and know-how to make sure your financial future is nothing short of successful.
Consider asking these debt relief questions when you meet with potential financial advisors or debt relief consultants.
Are You Licensed?
Before anything else, you should always make sure that your debt consultant is fully licensed. There have been hundreds of situations where consumers report that they have suffered a debt relief scam at the hands of someone who claimed to be an expert or part of a legitimate company. They then took large amounts of the consumer’s money without delivering any actual assistance or results. Make sure you know the basics of a reputable debt expert, such as they should never ask for payment upfront, should work at a business rated by the Better Business Bureau, and should always be able to set forth a full plan for your debt relief.
What Options Do I Have?
There is no one-size-fits-all solution to getting out of debt. One of the most important debt relief questions you can ever ask is in regards to all of the debt solution options you have available to you. A great consultant will make sure to lay out every option and help you understand the pros and cons of each one. Always feel free to ask about debt consolidation, debt management plans, and debt settlement, all of which cater to various situations.
Do I Qualify for Debt Settlement?
If you believe that debt settlement may be the way to go — as it is for thousands of people every year — then make sure to find out what qualifying for this particular program entails. While it is an incredible solution, the truth is that not everybody qualifies. Your debt expert should thoroughly explain to you that, to qualify, you need to be able to prove financial hardship, your debt should be unsecured debt, and you need to be able to stick to monthly payments, among other things.
What Types of Debt Can I Settle?
Debt settlement services are really only used for unsecured forms of debt, meaning that you did not have to agree to offer up any assets, like your car, home, or savings, to secure the form of credit you have. This generally includes credit cards, but can also include unsecured loans and medical bills. If anyone tries to convince you that any kind of debt can be settled for any reason, it might be a good idea to check their accreditation and look at other consultant options.
What is the Debt Settlement Process Like?
It is always crucial to know exactly what you are getting yourself into before you sign any kind of official documents. Getting out of debt is incredibly important, but it can also be a long process that takes time. You should also find out exactly how debt settlement will impact your credit score, both in the short term and the long term, and how it will set you up for the future financially.
How Long Will it Take?
When dealing with debt relief, it is always best to ask all the fundamental questions as early as possible, including how long the settlement process will actually take. Depending on how much you owe and how much you can afford to pay upfront and in monthly payments, the process can take up to three years. When you begin setting up your debt with a trusted debt consultant, they should be able to provide a more accurate timeline based on your unique financial situation.
How Much Will Debt Settlement Cost?
When it comes to debt settlement, it is important to remember that the program and advisement are services that require compensation. The fees for debt settlement programs highly depend on the debt expert you choose to work with, but that person and/or company absolutely must disclose that information before you agree upon a debt settlement plan. They also cannot charge you any fees upfront; you should only incur charges after you have officially completed your debt settlement plan.
Do I Stop Making Payments on My Debt During the Process?
No accredited and trustworthy debt consultants will ever tell you to stop making payments toward your debt. Those who often qualify for debt settlement have usually already hit a point where they are in a hardship that has prevented them from making payments toward debt.
How Will This Impact Me in the Short and Long Term?
Money can cause all kinds of changes in your life, and it is crucial to understand what those changes might be in both the short and long term. Make sure to find out exactly what kind of impact your debt settlement or other debt relief strategy will have on your credit score, assets, and other aspects of your life.
What Can I Expect After I Get Out of Debt?
The big question after any program is “What’s next?” While your relationship with your debt consultant may come to a close once you get out of debt, they should always be able to guide you in the right direction. A good and reliable debt expert will want to make it their mission to set you on a path headed straight for success.
Liberty Debt Relief is always available to answer any and all debt relief questions. Contact us today to find out how we can help you get started on debt settlement and other relief programs for a better and brighter financial future.