What is a debt consolidator, and why should I be cautious about engaging with one? ⮟
Debt consolidators, also known as debt settlement companies, promise to reduce your debt obligations in exchange for a fee. However, if you engage with them, you may lose control over company funds and will likely be directed to default on your obligations to your creditors, leading to collection proceedings and litigation.
Is it permissible to work with a Debt Consolidation or Debt Settlement company while under contract with Fora Financial? ⮟
No. Following the directions of such companies will breach your agreement with Fora Financial, and other creditors, and may lead to legal repercussions. Despite any claims debt consolidators might make, Fora Financial does not work directly with companies like them. We directly assist our clients, offering programs designed to provide temporary relief and help our customers navigate repayment challenges.
What are the risks of working with debt consolidators? ⮟
Once engaged, a debt consolidator will likely direct you to turn over your business funds to them or a third-party working on their behalf. This will result in a loss of control of your money, and it may be difficult to retrieve any amounts turned over.
During this stressful time, the debt consolidator will become another financial mouth to feed, and because they will control your business funds, they will ensure that they received their fee.
As a result, you will be restricted from settling your credit obligations in the manner you feel most prudent. The debt consolidator might prioritize settling smaller balances first to collect commissions and receive further commitments from you and will leave your business with insufficient funds to address larger debts. This can trap your business in a cycle of financial instability, hindering your ability to pay creditors and operate effectively.
Can I seek assistance if facing financial difficulties? ⮟
Absolutely. We are dedicated to providing support and guiding you through any financial challenges you may encounter, ensuring you have the assistance you need to navigate through them effectively.
What should I do if I'm experiencing financial difficulties? ⮟
It's crucial to seek assistance directly from Fora Financial. We offer dedicated opportunities and settlement options for our clients, which are not extended to debt settlement or consolidation companies. Reach out to your Fora Financial customer service representative for assistance, even if you're currently repaying an existing deal. If you engage with debt consolidators, you risk prolonging the resolution of financial challenges with Fora Financial.
What should I do if I am contacted by/considering a debt consolidator? ⮟
Contact Fora Financial: Remember that your contract is with Fora Financial, and it's essential to keep us informed if you're considering any financial decisions or facing hardship. Reach out to us to discuss your options and explore how we can assist you. Regardless of what the debt consolidator tells you, you should contact Fora Financial as we are here to support you, our partner, and we do NOT work with any debt consolidator.
