I have a friend who is trying like a madman to hunt down a nonprofit debt consolidation company and he has been having difficulty doing so. It seems his best bet is finding a nonprofit government web site which has forms, downloadable tutorials, and debt consolidation tips so that consumers can manage a debt settlement on their own without having to pay for a trustee, lawyer, attorney, or some other financial institution to handle negotiations.This is been very interesting watching my friend Jeff. He is one of those people that if you tell them, "no you can do that", they will respond with, "yeah - just watch me". However, I think he has reached the point of critical mass and frustration because not a single debt consolidation web site is actually a nonprofit organization. Not a big surprise. Here is a quote from the another site;
Nonprofit debt consolidation web sites often talk about consolidating without creating a profit from their clients but in fact I have found very few truly "free of charge" that consolidation services in my short research. If you do a little bit a research yourself you find that nonprofit companies are actually making a serious profit from the spinoff financial products consumers use well they are seeking a debt settlement.
The realistic truth in lending is that everything costs money, even if it is just a little bit of money, somebody has to be making money from providing a service. Just think about it - if you are providing a debt consolidation service and only making a small profit of $10 per client or user, just think about some of these debt consolidation web sites that process over 1000 customers a day. Let's do the math - $10,000 a day for a month is $300,000 total in monthly revenue. Were I come from that is called BIG profit.
What you want to look for is no way that you can cut your costs considerably in your debt settlement process, but perhaps give up on the idea that the company providing you with their settlement service is going to do it for free. In order to do a true debt settlement or Chapter 13 you need to have a lawyer do the paperwork and submit on your behalf, and settle everything with your creditors.
