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Mittwoch, 18. Januar 2012

Pay your debt at a low cost


Non profit debt consolidation services are offered by companies that have received non profit status from the IRS. The non profit status doesn't mean that they offer free services. But such companies do help you with debt consolidation programs by negotiating with your creditors for a payment plan that you can afford. Have a look at the topics given below to know about non profit debt consolidation.


With proper help you can
  • Lower your monthly payments
  • Reduce interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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What happens when you enroll in non profit debt consolidation?

A non profit debt consolidation company helps you to consolidate bills just like a for-profit consolidation company. The non profit consolidation company reviews your situation through a free debt counseling session and prepares an income/expenditure analysis.

Based upon how much you can pay, the company negotiates with your creditors or collection agency. The company works out a monthly payment plan involving lower interest rates so as to help you resolve your debt problems.

What are the benefits of non profit debt consolidation programs?

The debt consolidation non profit company aims to lower your monthly payments. This can be done by negotiating with your creditors in order to:

  • Cut down your interest rates
  • Eliminate or minimize late fees/penalty

Apart from negotiation, debt consolidation non profit companies also help you consolidate bills by accepting a single monthly payment. This payment is then distributed amongst your creditors. If it is a non profit credit card consolidation program, then the company will also negotiate to reduce or waive off over-the-limit charges incurred on your credit card accounts.

What you don't have to do:

You don't have to manage creditor or collection calls any more. The debt consolidation non profit company will communicate with your creditors (through letters or on phone) to make things easier for you. For further details, check out the 8 benefits of consolidation.

How do non profit debt consolidation companies work?

Non-profit debt consolidation companies rely primarily on donations from individuals and companies looking for a tax write-off. Some also charge you a small fee based on your income to help with their operating expenses. In most cases, creditors offer a certain percentage of your monthly payment to the non profit debt consolidation companies.

How do you find out if a consolidation company is non profit?

The best way to find out if a consolidation company is a non-profit organization is to check the "About Us" section in their website. You need to find if there's any mention of getting IRS 501(c) (3) non profit charitable organization status. This section of the IRS includes provisions for tax exemption granted to non profit organizations.

How can you avoid scams in non profit debt consolidation?

There are some companies that pose as debt consolidation non profit companies in order to take advantage of debtors. These companies make attractive offers and false promises in order to deceive innocent debtors and extract more money from them. Here are the 2 things you need to do in order to avoid such scams.

  • Be careful while revealing personal details: Only reveal your financial information to a non-profit organization in person and not over the telephone or internet. Any reputable non-profit organization will ask you to sign a client disclosure form stating that they will hold your information in confidence.

  • Verify how much you need to pay each month: There are debt consolidation non profit companies which claim to offer free services. But these companies actually merge their fees with your monthly payments, which are sent out to your creditors. Read the client agreement to make sure that all of the money you are paying is going toward your debt payments and not to the organization's operating expenses without your knowledge.

A non profit debt consolidation company may charge you low fees for their services. But they'll offer you free counseling, budgeting, and money management advice. However, this kind of debt help is also offered by for-profit consolidation companies. So, what is important is to select the right consolidation company. Whether it is a non-profit or for-profit company, they should offer the services that are best f

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