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GLOSSARY TERMS

Questions to Ask:

• What is the total amount of debt required to qualify for the company's services?
  
• How do they determine the monthly payment? What if the payment is too high for you to meet?
  
• How does the debt repayment plan work?
  
• Does the company offer to negotiate with creditors to lower or eliminate finance and interest charges or waive late fees?
  
• Which debts qualify for inclusion in the debt repayment plan? Do they offer help planning payment of debts not included in the plan? 
  
• What if you're not able to make the payments or meet the other requirements of the debt repayment plan?
  
• Will you be notified when your creditors receive payments? Does the company separate client money from operating funds?
  
• Will you have access to account status reports online or by phone? When will you be able to access your reports?
  
• Who will assist you if you have any problems with your accounts or creditors?
  
• What is the company's privacy policy? Is the personal information you provide secure?

Be sure to compare several companies before choosing to do business with any one organization. There are countless credit and debt repair agencies offering too-good-to-be-true solutions to your financial problems. But remember, if it sounds too good to be true, it probably is!

See our article "How to Choose the Right Financial Service" for more helpful suggestions.

Visit the Federal Trade Commision's site at www.ftc.gov for additional information regarding financial services.

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