The web communications revolution has provided many unprecedented opportunities for commerce – and unfortunately, quite a few opportunities for swindlers to prey on the gullible. This is just as true for debt consolidation as for anything else. Here are some debt consolidation scams to stay away from: Continue reading ““A Sucker Born Every Minute”: Avoid These Debt Management Programme Scams In Singapore”
Individuals in debt who wish to make use of the services of a debt management firm should do research before committing themselves. An unscrupulous debt management firm can harm a debtor’s interests in many ways, so make sure to keep the following 4 things in mind before hiring a debt management firm:
1. Avoid any agency that calls you by phone or sends you spam: Most debt management firms advertise in the yellow pages or on the Web, but do not over-aggressively solicit clients. Therefore, there is a good chance any company which does so is not on the level. Debt management companies that follow a cold calling policy or send unsolicited emails will usually not be able to provide any solid references.
2. Non-profit agencies do not necessarily offer better service: First, not all non-profit debt management firms offer their services free; some firms charge up to 15% of the debt amount. Being a non-profit organization does not make a debt management firm a better and more efficient service provider than those that charge for the services. In fact, companies charging for their service are under an obligation to free their clients of debt as efficiently as possible because they are making a profit from their work and their profitability is directly linked to their credibility and reputation in the market.
3. Never part with credit card information on the phone: A reputed and honest debt management firm will never ask you to provide your credit card number or bank information on the phone. This is because they understand that callers can be impersonated; moreover, the increase in online frauds is reason enough for individuals in debt to be extra cautious when checking out debt management firms. Debt management companies that are acting in good faith will never ask a prospect or an existing client to part with sensitive information of any kind over the phone.
4. Don’t believe anyone who offers a deal that’s too good to be true – it probably is: Often debtors come across debt management deals that promise to reduce their debt by half in short time. This rarely happens; however, the debtor does end up paying high fees and a substantial upfront amount to the debt management company. Such companies also discourage debtors from communicating with their lenders; this is never a good idea and invariably leads to a negative impact on the debtor’s credit rating. If a debt reduction company promises to offer more than some interest reduction and counseling on getting out of debt and staying debt free, the claim should ideally not be taken at face value.
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What Is Debt Consolidation Plan?
In its simplest form of explanation, Debt Consolidation Plan or DCP, in short, is a form of repayment scheme introduced by The Association Of Banks in Singapore. DCP is a repayment scheme that helps consumers with their bloating debt situation.
It’s really not surprising that an alarming number of Singaporeans are in debt due to all of the expenses that pop up into our lives. It’s also no wonder that we would consider debt management services provided by experienced companies in Singapore.
All of the things that we have to pay for such as our education, HDB loan, business loan, car loan, all add up and give us the feeling that we’re sinking fast, with no hope for air. Luckily there are many services available locally to help you clear your debt fast, and save our financial future.
These types of are perfect for people who are paying off many different loans or credit card bills.
A debt management plan will take your smaller Continue reading “Are You In Need of a Debt Management Service in Singapore?”
Make a list of your credit card debts and other loans. Prioritize it according to the highest interest rate debt. Pay off highest interest rate credit card debt first. Start a frugal living.
If you are looking for a way to pull yourself out of debt, you may want to consider the debt solutions that are available to you. You first need to realize the choices you have to help you pay off those bills and get your life back to normal. There are various solutions to choose from and, many times, your choice of a solution will depend on the severity of your debt.