So, You Can't Pay Your Bills and You're Considering Debt Bill Consolidation (cont.)
Contributed by Melanie Vannuys
* Less repayment time and
* Reduction or elimination of debt
Beware of companies that want your money before any services are rendered. If the company tells you its required, look somewhere else. Also, when you are "interviewing" your potential debt consolidation company, ask them what kind of progress reports you can expect throughout the program. If they tell you that service isn't offered, go somewhere else.
Once you have asked all the questions and you've made the decision to go with a particular company, keep tabs on the situation. If you are paying one lump sum to the debt consolidation company and they are dividing the money to pay your bills, you can keep track of what's happening by reviewing your credit report. Write to any of the three credit bureaus and completely review your report. Make sure none of the accounts enrolled in the debt consolidation program have gone into collections or have been charged off.
Finally, if you suspect that the company is not doing it's job according to your agreement, contact the FCC, they should be able to help.
