Jean's Money Blog

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Avoiding Phony Debt Collectors with Online Debt Consolidation

Posted by on Mar 23, 2013

online mail stop phony collection calls

Under informed or overwhelmed consumers may receive a letter that appears to be perfectly legal and official from what appears to be a reputable firm, only to later find out that the collection attempt was a scam.  Knowing what to look for in a debt collection letter and how to verify the credibility of an agency goes a long way when it comes to avoiding being scammed.

People who receive these collection letters are often unsure about whether or not these letters are authentic.  Here are some things a person can look for to determine whether or not the letter is an official notification

  • An official website link listed
  • Agency address information should be provided
  • An official recording should be left at the number provided

When in doubt, it’s always better to do some legwork and research the debt.  Many Americans pay off debts solicited by unscrupulous entities that present themselves as official debt collectors.  You can verify whether or not the debt is from an official collector by researching the number provided using  search engines.

The Attorney General’s office is another tool to verify the credibility of the debt collection agency; licensing information on each company is also tracked on this website.  This resource will provide information on scams, complaints and feedback from others who have interacted with the company.    Sending a letter to the agency to request confirmation on the debt is another step a person can take.  The agency has thirty days to respond to a request to verify the debt owed to the agency.

Before an account goes into collection, the person should look into online debt consolidation as an option to stop collection calls.  The online debt consolidation program counselors work with consumers to help them become debt-free.  The counselors leverage their relationships with creditors to work with the consumers to help them verify, structure and resolve their debts. When an experienced debt counselor works with the creditor on the consumer’s behalf, the person is better able to organize their personal finances before the person gets too behind on their debts.

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The Benefits Of Credit Card Debt Consolidation

Posted by on Mar 9, 2013

tired of debt need debt consolidation and financial adviceAre you tired of making numerous credit card payments each month and failing to make progress on your debt reduction plans? Credit card debt consolidation might be the right choice for you. Debt consolidation companies offer numerous benefits to their clients, including interest and fee reductions and lower monthly payments.

  • Benefits
  • Skilled Credit Counselors
  • One Monthly Payment
  • Lower Monthly Bills
  • Fast Debt Reduction
  • Credit Counselors

Many individuals are not taught how to effectively manage their money while they are in school. The typical advice revolves around going to college and getting a good paying job. That advice doesn’t teach people how to control their expenses in relation to their income.

Credit card debt consolidation companies offer skilled credit counselors that can help you create effective budgets and control your expenses while paying off your existing debt.

One Monthly Payment

While you are on the program, you will enjoy making one reduced payment a month, which leaves more money in your pocket at the end of the month. The reduced payment is the culmination of efforts on the part of the debt consolidation company. Their trained negotiators will call your creditors and successfully negotiate the removal of excess fees and lower interest rates. Once a verbal agreement is reached, a formal agreement will be sent to your creditors in writing, which will lock in your total account balance and your reduced monthly payment.

Once the negotiations are complete, a final monthly amount will be determined by the consolidation company that includes all the monthly payments for your credit cards and a small monthly fee for the agency. This monthly payment will be less than your current total monthly payments and will save you money each and every month.

Fast Debt Reduction

The lower interest rates and fee reductions will allow more of your payment to go towards the principle. This will further reduce the dollars spent on interest and allow you to pay your bills off much faster than if you had stayed with your traditional payment plans.

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