Questions To Ask A Debt Management Company

If you are considering using a commercial debt management company to help resolve your debt situation, make sure you find out the following:

1. Check if the firm deals with all debts

2. Ask what training staff have and if the firm is regulated and check on the Central Bank website register.

3. Get a full breakdown of how much the commercial debt management company is paid in fees and charges and what they relate to. For example, do you have to pay for initial advice, just the re-negotiated loan package or both? And do you pay a flat fee or a percentage of your debt?

4. Find out how you pay the fee. Is it upfront or by instalments or at a later date and are there any extra charges for this?

5. Ask if you will have to pay full costs even if the company cannot re-negotiate all of your debts.

6. If you re-negotiate your loan repayments check how much extra this will cost you overall.

7. Check if the company is connected to other organisations that sell financial products.

8. Ask if your money is kept in a client account separate from the company’s other bank accounts.