The Benefits That I Got From Debt Management Program

I am an artist and had always wanted to setup my own studio, but never could do so just because of shortage of funds. Then finally I borrowed some money from a couple of money lending concerns and opened up my studio. My dream was fulfilled but now I had the headache of paying the debt back. I was not able to understand how I will manage the monthly installment to pay off my debt. One day suddenly I came across the advertisement of a credit counseling company who were offering best debt management program.

The deal in details

I had no idea what was the difference between a best debt management program and any other debt solution. They explained to me in details that as a part of the debt management program, they will contact my creditor and try to settle my debt at a lower rate of interest. I will be required to pay a fixed amount every month to my credit counseling company which they will disburse to my creditor. The benefit that I would get out of this is that I would be required to pay only to one company and not to two different companies and that too the rate of interest would be reduced than what I had to bear earlier.

Things to check before going for the deal

The only things that I checked about the credit counseling company before going for the best debt management program with them are whether they are licensed or not and what was the fee that they will charge me. My friend had warned me that agencies which charge a lot are generally fraudulent. Another thing that I checked with them was that at what date they would disburse my payment to my creditors as that is also one area where most debt management agencies tend to falter,

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Use Debt Management Programs To Get Your Lost Happiness Back

A quarrel with dad was becoming a regular affair those days. Dad was under huge tension about the huge debts and he would lose his temper on mother every now and then. I could not tolerate this that because of his miscalculations he could not return the debts and my mother had to face the frustrations. That is when my cousin suggested that why don’t we go for the best debt management program that was offered by a licensed nonprofit agency in our locality only.

Honestly speaking I had no idea about these things hence I visited their office with my dad who was very reluctant about the whole thing. They asked many questions to him to understand the financial crisis and assured us that they would be able to help us.

The modus operandi of the plan

As a part of the best debt management program they would consult all the creditors and try to get the rate of interest down by certain percentage. They checked my father’s current monthly income and then factored in the usual cost of living and then arrived at a minimum amount that had to be paid by my father to them every month. Once my father pays the amount to them they will be responsible for distributing the amount amongst all the creditors.

What we got out it

The benefits that we would get out of this were:

• My father would have to pay a lower rate of interest for the debts
• He would be required to pay only once and not issue payment drafts for different creditors.

The credit counseling company not only offered the best debt management program norms verbally but they gave it to us in writing so that we knew that we are playing with safe partners.

Thanks to the debt management program, after many months, my dad was again smiling as he had no burden of so many creditors on his head anymore.

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Things To Be Sure Of Before Signing For A Debt Management Program

Long back I had read this proverb that said look before you leap, the meaning of which I realized when I saw my close relative Tim get stuck with a debt management program. Tim was overburdened with a huge amount of debt and hence he approached this local credit counseling company who promised to get him the best debt management program that would take care of all his debts.

How they failed Tim

As a part of the debt management plan, Tim was supposed to pay a fixed amount of money to the debt management company and they were to disburse the amount to all the creditors of Tim. However, my poor friend Tim was not that thoughtful and he did not go for written documentation of whatever was verbally agreed. As a result, when the debt management company did not disburse the amounts to Tim’s creditors on time, Tim had no option to sue them legally. Already in troubled waters, Tim was completely broken mentally till the time we friends collected funds together and pulled him out of all debts.

Things to be sure of

While we helped Tim, we all learnt the hard lesson that what should be the checkpoints of an actually best debt management program. I hope I would never need a debt management program in my whole life but in case I do, I know what all things I need to be sure of. Some of these things would include the following:

• The debt management company should be licensed and preferably a nonprofit agency.
• They should not charge men huge fees. If I could pay huge amounts I would have settled my debts without the best debt management program.
• They should inform me the dates and mode of payment to my creditors.
• They should give me confirmation that my personal bank details will not be leaked.
• Most importantly, they need to give all these in writing.

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Finding the best debt management program

I don’t know many debt management programs, but the best debt management program that I will ever know is the company that helped me in the times I needed help the most. Well, debt management programs are made to provide debt help, and help one badly in debt, so much so that there remains not much ways for the person to come back to normal life. Hence, the debt management programs can actually give a person or an industry its normal life back and can save one from total exhaustion.

I realized all that when I was badly in debt, and was trying to find ways to come out of it. Debt is a dangerous thing that can change ways of life, change thinking patterns; bring on relational problems, and upheavals in the normal peaceful home environment.

I realized all of that in my short life, when I was struck with serious debt and problems that made me panic and look for ways to survive. It all happened when my business was on fire.

My business went fine

I ran a small and cute book shop, and that was my business, and the sole income for my family which came through the shop. I loved the shop and decorated it as much as I could with my ideas. I tried to keep all popular books in the store, and if someone ordered books, I tried to bring them on time. For these reasons, my store though small, got nice popularity in the market and adjoining areas, and I was happy with the average income which was enough for my family and me. Though there were nearby book store owners who envied my popularity, I had already fetched enough love and popularity from my permanent customers and was contended.

The fire that took away my shop and income

One day a fire broke at my store, and it happened because of a cigarette. A customer was not careful enough and held a lighted cigarette too close to the silk curtains. First the curtain caught fire, then the books, and then my fate. It was a book store, and all were papers, and it took no time for the papers to become ashes. I was nowhere, and didn’t know what to do, whom to call. My mind was just not working, and people around me were trying to console with the best words they could gather. However, words did nothing to make me feel better.

I was totally shattered, and received greater shock when my insurance provider denied me the insured amount just because some envious book shop owner nearby (I don’t know who did it) informed them that the fire was a planned one. How sick people can be! I could never forget that, and was totally mad at the thought of not getting the money, as I was naturally depending on that highly.

The best debt management program that saved me and my business

In this situation, a relative helped me greatly to revive and live again. He gave me the phone number of the debt management program nearby to consult my case, and see if I can get some help. This thing worked like a charm, as I got great funds to start a new store once again which was all arranged by the debt help group.

They undertook my case, analyzed my ongoing debts, and my loss, and my finance, and after that, they arranged for an instant loan at a higher interest rate than the standard market rates. I instantly grabbed the opportunity to repair my shop, and start the business all over again, and then filed a case against my insurance provider too. Finally after a few months, I started breathing again, came back to my normal life, and now I am pretty successful with the store and some great money saving tips that they shared with me.

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