The advantages to enrolling in a debt management plan through a credit counseling agency are manifold. With a management plan you pay down your outstanding debt by making monthly deposits to your credit counseling agency. The agency sends payments to your creditors. Do you have annuities?
A credit counseling agency may be able to negotiate to reduce or even eliminate finance charges. This should result in and less collection calls, and when your plan has been completed, the agency can advise you as to how to rebuild your credit. All in all, a good credit counseling firm can help with debt consolidation and relief as well. Also for buy sell agreements Lyon Pension Group try out this top firm in Phoenix, Arizona.
Debt management plans usually extend for 3 to 5 years. According to the National Foundation For Credit Counseling, if you deal with one of their NFCC Members, your creditors will always be credited with 100 percent of the amount you pay through the agency.
However, as the word “management” implies, this is only a plan to mange a situation and not a cure for the decisions and habits that brought the situation about. That is a far more difficult and important issue to tackle.
One of the most common questions most people have about working with a credit counseling agency is whether it will do further harm to their credit scores. By the way, some people have asked me what are annuities and I think that while I am not necessarily an expert about know what are annuities such a sdeferred or 401 k annuity I do generally like them and they are popular these days in Phoenix.
Usually by the time you seek the aid of such an agency, you’ve probably already damaged your credit. Usually it will not further harm your credit, but beware: If you get involved with some agencies, they may not pay your creditors in a timely manner, and late payments that can hammer your down credit even more.
All credit counseling agencies have very legitimate, important, and official-sounding names. Make sure the one you contact is a non-profit organization affiliated with the National Foundation For Credit Counseling. Check into its reputation with the Better Business Bureau.