How Do You Handle Problems With Debt Consolidation?
While debt-consolidation companies can help people with unsecured debts avoid bankruptcy, they often have strict payment guidelines for their clients. Clients who have difficulty complying with their debt-consolidation plans could face lawsuits, liens on their property, and they might see their credit scores affected. Read the terms you agreed to when you consolidated your debt. Before you take any formal actions against your debt-consolidation company, review the terms of your contract and make sure you fully understand each party’s obligations. Provide documentation of your situation. If you are having problems with your debt-consolidation payments because of job loss, health problems or other circumstances, provide written details of your financial difficulties. Get any agreements in writing. Before you agree to any modifications to your debt-consolidation plan, ask for a written copy of the new agreement and read it carefully before executing it. Talk to a bankruptcy attorney. If y
