Posted on Nov 13, 2012 in Credit Non profit debt management: 3 Basic questions answered
Debt management programs are mainly known to offer assistance to consumers so that they?re able to repay their debts, plus improve their financial situation on the whole. There are quite a few agencies that provide debt management programs, but there?s a fee involved. These agencies generally get their required funds from creditors who stand to benefit from the debt collection practices of the agencies. At the same time there are other non profit debt management agencies that actually help consumers relieve their debt burden either free of charge or for a nominal fee.
What do you understand by non profit debt management?
If you?re interested in finding out more about non profit debt management, then here are a few facts about it that you should acquaint yourself with.
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What is its function?
The basic thing that you?ve got to understand is the fact that non profit debt management agencies mainly exist to help you pay off your debts. They have debt counselors who?ll help you to get a clear financial picture and work with your creditors on your behalf. They have plans that are mostly set up keeping your individual financial needs in mind so that you can fulfill your debt obligations.
Non profit debt management programs help you take care of your debt woes. It also helps you follow a proper financial plan. However, you should know all about it before enrolling into one.
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Moreover, they?ll help you with monthly budgets, assist in reviewing your credit report, plus disperse the money to your creditors as well.
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What are its advantages?
You should know that the non profit debt management agencies mostly operate without any fees or at very nominal fees. These agencies mostly have the aim of educating you and providing you with necessary information about your rights as a consumer. Remember the fact that when you work with this kind of an agency, then you?ll be able to get rid of your debt much faster than if you?d follow some debt relief strategy by yourself. They help you to avoid bankruptcy, plus eliminate the collection calls as well.
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What are its disadvantages?
There are, undoubtedly, quite a few benefits involved when it comes to working with a non profit debt management company. However, at the same time non profit debt management isn?t really meant for everyone either. If you happen to miss out on a payment, then there are high chances that you?ll be left at the mercy of your individual creditor concerned and that creditor can choose to opt out of the program anytime he feels like. Remember, you won?t get any kind of protection from a creditor or collection agency if you happen to miss out on a payment, unlike that in case of bankruptcy. Moreover, you?ll have to pay your debt in full rather than settling for a lower amount.
The 3 questions that have been answered above are meant to tell you what are the basic facts involved with non profit debt management.
About Andy Raybuck
Andy Raybuck is a financial writer with Debt Consolidation Care who has expertise in dealing with financial issues. He tries to impart to people the different situations and simple solutions to get out of difficult situations by contributing financial write ups to websites and blogs so that he can help people who are struggling with financial worries.
Source: http://www.aleksandartasic.com/non-profit-debt-management/
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