Debt Counseling Agencies

These questions will help you to review a debt counseling or debt management agency, the services they offer, and the terms of the agreement to which you're entering. Be sure to consider several companies before choosing to do business with any organization.

Questions to Ask:

--How much debt must you have to qualify for their services?
--How is your monthly payment determined? What if this is more than you can afford?
--How does the company's debt repayment plan work?
--Will the company be able to negotiate with your creditors to eliminate/lower interest and finance charges or waive late fees?
--Which of your debts will qualify for inclusion in the debt repayment plan? Will the company help you plan for payment of debts not included in the plan?
--What happens if you can't maintain the payments and other conditions of the debt repayment plan?
--How will you know your creditors have received payments? Is client money put in a separate account from operating funds?
--Are you able to access status reports on my account? Are they available online or by phone? How often can you access them?
--Who will help you if you have problems with your accounts or creditors?
--How secure is the information you provide to the company?

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