You are drowning in debt and getting constant calls from creditors and Debt Collection Agencies (DCA’s),. You are looking for a way out as soon as possible, but you do need to stop, think and do some research. You may think that you have no money, but to some companies you could be a good income generator for them. So, you do really need to research the companies that you are considering teaming up with to help with your debt solution.
Why You Should Research Debt Help Companies
Debt help companies in the UK undertake a comprehensive financial fact-finding process to gain a detailed understanding of a client’s financial situation. This process enables the company to identify the root cause of the client’s debt issues and develop an effective debt solution. The fact-finding process typically involves a review of the client’s assets, income, expenses, and debt obligations. Additionally, debt help companies may examine the client’s credit report, employment status, and assets to gain a comprehensive understanding of their financial situation. By conducting a full financial fact find, debt help companies can provide tailored debt advice and recommend the most suitable debt solution for the client’s specific circumstances. This approach not only helps clients to manage their debt effectively but also ensures that debt help companies comply with the regulatory requirements set out by the Financial Conduct Authority.
The above is the official line, but consider this; by gathering together all this information, a company can easily calculate which debt solution for you, is also the most profitable to them!
It is prudent to conduct thorough research before engaging with any debt help company to ensure that you receive the best debt advice possible. By taking the time to research, you can identify reputable and trustworthy debt help companies with a proven track record of providing effective debt solutions to clients. Such companies usually have a team of experienced and qualified debt advisers who can offer expert advice tailored to your specific needs. Additionally, researching debt help companies can enable you to compare the services and fees of different providers to ensure that you get the most cost-effective and suitable debt solution for your circumstances. It is also advisable to read reviews and testimonials from previous clients of debt help companies to gauge their satisfaction levels and overall experience with the company. By investing time and effort in researching debt help companies, you can avoid falling prey to unscrupulous providers and make informed decisions that positively impact your financial well-being.
Research Debt Companies Advertising on Facebook
I am often searching for information on debt, therefore my internet browser files are full of cookies that have the word debt in them. I then find that when I go onto Facebook, suddenly as if by magic, lots of companies are offering to get a percentage of my debt written off in some way. Yes, this can at times be annoying, but it can also be a source of good information for you.
When a company appears on your screen, one of the first things to do is, look to see how many comments there are on that post. If there are only a few comments, I consider the post to be too new and not really worth investigating further. Once you see a Debt Help Post with lots of comments, then start reading the comments. Some of them will be lovely, “the best thing I ever did”, but also in amongst those comments, you may also find the not so favourable comments.You could even take it a step further and interact with some of the comments, to see if they elaborate on their experiences.
Beware of Companies Using the Word Government
This debt advert jumped out at me on Facebook and it got me worried in a number of ways. Firstly, the black and white logo of the crown, giving and instant impression that this is in some way backed by the UK Government. Secondly, the web address looks as though it could be from the UK GOV website. Of course there are other things about this advert that lure you in; “Low-incomes clear off debt” and at the very bottom: “Clear debt up to £30,000” and of course “This is how millions of Brits paid of their debt with debt relief grants.
Of course I am a bit of a nosey geeza, so I thought I would follow the web address to find out some more. It turns out that the actual web address: UK-GOV-DEBT-Blah-Blah (via Who.is) shows the address is registered in US and the domain name was only registered in January 2023. Also, as far as I can see, all legitimate UK Government websites are registered in the UK!
The impression I got from visiting UK-GOV-DEBT-Blah-Blah is that some of the options are used for data capture/collection and some is part of an affiliate programme (paid for passing on information) that takes you to UK debt solution sites. Of course, I was not surprised when one of them was a site offering the very profitable IVA!
Perhaps the use of Government can be used, as you could end up in an IVA, DRO or Bankruptcy, as they come under the Insolvency Service, which is part of GOV.UK. I think that with peoples trust in the UK Government at an all time low, are advertisers shooting themselves in the foot? Also, with this company, a quick look at Who Is, showed that they were not part of Gov.UK.
What I Love About Debt Companies Advertising on Facebook
I am sure that when a debt company advertises on Facebook, they will have some way of monitoring the comments and being able to delete them. Sometimes though, the comments are not constantly monitored, so you do get a chance to read through many of them, giving you a better insight as to whether or not you would want to deal with that company.
Search for Debt Help Companies on Trustpilot
Another good way of seeing what other people think about a debt company, is to pop over to Trustpilot and then do a search. Once you have found the company you are looking for, of course read the 5 star review, but then check the box for the 1 star reviews, then scroll down and read. Now, this makes form more interesting reading, you will see what problems other people encountered with their debt company.