debt consolidators

Debt Consolidators - Free Online Database For Debt Solutions & Free Debt Advice.

All Debt Consolidators Are Not Created Equal

In recent years many horror stories have surfaced where so-called Debt Consolidators
agencies have swindled consumers out of large amounts of money. This should not
be a reflection of all credit counseling services for much good can be accomplished
when the right agency is paired with the right consumer.

But finding the right agency can be as difficult as solving debt help problems on
your own.

There are literally thousands of debt consolidation agencies out there offering what
seems to be the same service.
So how do you find the "jewels" among the "rotten apples?" Knowledge!

But don't kid yourself. Much of the information contained on this site
(especially on this page) is not readily available, simply because the rotten
apples will not publish this kind of information


 Free Debt Consolidation Management program can help you:

  • Reduce your monthly payment amounts
  • Reduce or eliminate interest
  • Improve or rebuild credit
  • One lower monthly payment
  • No home ownership or credit check
  • No obligation
  • Path to becoming DEBT FREE

   Simply Click Here to fill out a short form for free consultation.

Don't  Make The Mistake That Can Cost You Dearly

We took a survey from a thousand consumers seeking debt help and presented them
with one simple question.
When shopping around for Debt Consolidators, what are you primarily looking for?

Almost 99% answered "I'm shopping for the lowest monthly payment"

Big mistake! There is no lowest monthly payment in debt consolidation. By seeking the
lowest quote from an agency, consumers are often lured into signing up with one of the
so called "Rotten Apples."  Let me explain:

An established Debt Consolidation agency obtains agreements with all
major creditors. For credit repair see us.
The monthly payment is determined by the percentage of debt that the particular
creditor is looking for every month to qualify the consumer for the program. There are
also guideline set for consumer loans and all other types of debt that qualify for a debt
consolidation program

These guidelines are set forth by the creditors and apply to all reputable Debt
Consolidators management agencies that have those agreements in place.
If a creditor changes their guidelines (and they sometimes do), all Debt Consolidators
that have the agreements are notified.

So if a consumer receives monthly quotes from several reputable agencies, the payment
should be about the same and may only differ by $1 to about $20 per month, depending
on the agencies fees. The payout to the creditors are always the same
unless the consumer has extra funds that they want to disburse and get out of debt

So Why Do Certain Debt Help Agencies Offer A Significantly Lower

Let's say a consumer receives a quote from 4 different agencies, 3 of which quote the
consumer about a $350 monthly payment based on their debts and the other quotes a
$200 payment for the same debts.
How can this be possible? After all, we are talking about the same creditors with the
same amount of debt owed.

This is not possible, and a consumer red flag should be flying high!

"Our negotiation skills are better than the rest" claims the low quote agency.
What negotiations can possibly take place if the creditor guidelines are the same for
all Debt Consolidators?

In reality, there are no negotiations that take place, other than the agency negotiating
the acceptance of the consumer into the consolidation program, which is achieved  with
a standard letter of proposal.

So why do some agencies offer a much lower quote? Several reasons:

  • Low Balling The Creditors
    This tactic is used to lure the consumer into signing up and paying set up fees.
    In turn, the agency will pay the creditors less then they require. Now, if the
    creditors do not receive their minimum requirement, they will charge penalties
    to the account and the consumers debt is now increasing rather then decreasing.
    After a few months the creditors will start sending payment increase letters and
    demanding to be paid according to their guidelines.
    The agency will then tell the consumer that the creditors want more money or
    they will discontinue the program. Now the consumer is stuck with a larger
    payment that they usually can't afford and end up quitting the program.
    The agency keeps their set up fees and the consumer ends up in a worse
    situation than before.

  • Hardship Programs
    This is when a consumer tells the agency that they can not afford the monthly
    payment and the agency recalculates with a lower quote. The agency will place
    the consumer into a hardship program where the tactics are almost identical
    to low balling the creditors.
    When a consumer tells an agency that they cannot afford the amount quoted,
    a reputable company will advise them to look for other alternatives.

  • Debt Settlement In Disguise
    Although debt settlement can be very advantageous, it becomes a nightmare
    when a consumer (who is concerned about their credit) is tricked into it.
    This usually occurs when the consumer is quoted a monthly payment
    that is half or less, than any other debt consolidation agency provides.

    In short, the consumers payment is not disbursed to the creditors at all.
    The payment is kept until all accounts are turned over to collections. Then the
    agency settles the amount of debt usually 25 cents on the dollar and keeps all
    the remaining payments and fees made by the consumer. There are other tactic
    variations with debt settlement used by different companies, but non of them
    are any good or beneficial to the consumer who want to be debt free and keep
    a good credit rating.

    Settling a debt is as adverse to your credit as bankruptcy. In both cases the debt is
    not satisfied like in debt consolidation.
    So it makes no difference whether it states on the consumers credit report
    "Settlement" or "Bankruptcy". The negative effect is virtually identical because the
    consumer did not pay back what they originally owed.

    Debt settlement can be advantageous if done properly by a professional
    To learn more, see our report on How to use Debt Settlement to your Advantage.

With a little common sense, these type of tactics can be easily spotted.
Especially when the monthly quote, multiplied by the months quoted, is less
than the debt owed.

The different tactics use by the so called rotten apples in the debt help industry that are
described here are a general overview of what sometimes goes on. There are many other
inventive ways to trap a consumer in need of help.
The goal of this report is to simply make everyone in need of help aware, so that they are
able to get the help they deserve.

If you are in need of help with debts and unsure of where to go, we can provide you with
a free analysis of your situation and an accurate monthly quote if you decide that
Debt Consolidation is right for you.
Simply click here to fill out a short form. Your consultation will be provided at
no cost or obligation and all your information is strictly confidential.

What Type Of Fees Should One Expect To Pay Debt Consolidators

There are usually two type of fees involved when signing up with Debt Consolidators:

  • Initial Set Up Fee
    Even non profit agencies incur substantial cost when setting up an account for
    debt consolidation. Most will charge a $299 one time set up fee.
    This is normal and should be expected.
    Certain agencies will ask for a set up fee that is equal to the monthly quote and
    refund it upon completion of the program. That's even better. Just make sure you
    are provided with a refund certificate in writing. Anything above $299 that's
    non refundable is too much and should be avoided.

  • Monthly Maintenance Charge
    The monthly quote should always include the monthly maintenance charge.
    Some agencies charge a set fee (should not be more than about $39 to $49) while
    others will charge a per creditor (usually no more than $8) fee.

Keep in mind that if a consumer is signed up with a non profit organization,
all fees paid to them are considered donations and are 100% tax deductible
With this in mind, the program is free to the consumer.

Other Criteria To Look For When Seeking Out Debt Consolidators

  • Make sure the agency and/or part of the agency that deals directly with the
    creditors is
    501C non-for-profit.
    There are many financial firms offering debt consolidation programs today.
    Many of these companies are "for-profit", unregulated businesses. If a company is
    not being subsidized by the creditors, they must collect all operating costs
    from the consumer. Many creditors will not work with for-profit agencies or give the
    same concessions to their clients.
    A non profit agency has a stronger relationship with creditors and is able to obtain
    the lowest payment and interest rates without any negotiations.

  • Make sure the agency does not report to Credit Bureaus
    Certain agencies are structured in a way where they work for the creditor and
    not the consumer. In turn they report to credit bureaus.


Edward Roberts


Other Debt Consolidation Advice:

  • How does Debt Consolidation work?
    This article discusses in detail, how consolidation works and what type
    of results you can expect.
  • Do I consolidate or get a loan?
    This article discusses the difference between a Debt Consolidation Program
    and a Debt Consolidation Loan.
  • How is credit effected through Debt Consolidation?
    This article is an in depth discussion on how credit is effected by
    Debt Consolidation and tips on what you can do.
  • What type of debts can I consolidate?
    This article covers all debts that can and cannot be consolidated as well as
    important tips about certain creditors.

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