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There are numerous debt consolidation services in the market, which range from reputed national banks to local money lenders competing with each other to win over the borrowers. Banks First of all, there are the banks, which provide debt consolidation services, but their loan plans are limited and rigid. They, in some cases, may not fit in the needs of the small borrowers. In fact these big banks target the big industries, corporations, business houses, and financial services providers including money lenders. Brokers The next debt consolidation service providers are the brokers. They are a kind of franchises of the big money lenders. There are scores of brokers who have contacts with not only the money lenders but also with the banks. Each broker, by virtue of his liaison with scores of money lenders and home loan societies, has hundreds of debt consolidation plans in the form of data stored over his computer. You just need to mention your peculiar financial need or situation and they will be able to suggest a loan plan in a matter of minutes. They can even come up with ways to create a plan customized to suit your needs, whether you are seeking consolidation debt to make further investments or reducing your existing normal debts or even bad debts. They even have plans for low doc or no doc loans for bad credit consumers. You even may qualify for an unsecured loan, which can consolidate your debt with a low monthly payment with no ties to any of your assets. These money lenders, though much more broad and flexible than banks, have their own financial limitations. They too cannot offer loan plans to suit each and every individual need. Finance Companies There are companies, which may provide debt consolidation services without using another loan. They of course do it for a fee and some administrative costs. They companies have national debt consolidation programs and negotiate hard with the money lenders such as American Express, Novus, Visa, MasterCard, Sears, MBNA, Chase and many more, on your behalf and usually succeed in getting you low interest loans. They have techniques which can save you lots of money for small monthly fees. In fact these companies, re-age the old accounts, annul the finance charges, reduce the interest rates and do away with the late fees thereby bringing about a sizeable reduction in the loan liability. They calculate the total amount of your debts that you owe and arrive at a reasonable amount of repayment that you can make every month in order to satisfy your creditors. They also consider your genuine domestic needs. Their debt consolidation plans include medical bills, old utility bills, credit cards, collection accounts, IRS debts and unsecured loans. The only condition is that your debt should not be secured with any other personal or real property. It may be noted that this is not a cash loan plan, therefore the debt consolidation can dispense with any collateral such as a home or a car. The debt consolidation service providers can also pay the monthly repayments directly to your creditors through a regulated trust account. You only need to make a regular low monthly repayment to them. Evidently you save money without risking your property or any other asset. How to Choose the Right Service Provider? On the flip side, quite a few unscrupulous debt consolidation service providers have mushroomed to cash upon the misery of the borrowers with poor payment capabilities. Since this obviously is a tricky loan solution, you have to be extra cautious in selecting the right broker and be on the guard to protect your interest on any deceitful eventuality. The best course in all debt repayment situations is to select the services of a legitimate debt consolidation company in accordance with the guidelines provided by the Internal Revenue Service, the Federal Trade Commission and state regulators and Consolidated Credit Counseling Services. |
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