Friday, August 7, 2015

Role of a Debt Counselor in a Debt Relief Firm



Debt counseling is the right choice for people who are interested in helping people in financial crisis. When some individuals find themselves in a financially difficult situation, when they are faced with rapidly mounting debt that they cannot manage on their own, they generally need to contact a debt counselor in a debt relief firm. 

Debt counselors are adept at offering advice on all aspects of finance right from budgeting to wealth management, financial planning relating to debt mitigation or debt relief services. They also represent their clients in court proceedings or creditor meetings.


Expected Academic Qualifications


Beyond everything, a credit and debt counselor is expected and required to have a tremendously strong base in finance and economics, and to possess a working understanding of federal and state statutes, regulations and laws on banking, lending and other aspects of personal finance. 


A bachelor’s degree in business, economics or finance is hence the perfect academic background. 


Your CV will get noticed if you could complement this with a few years’ job experience in the private finance sector. It is noteworthy that several companies value and give precedence to job experience over educational qualifications. To be absorbed into a job, you will be required to attain accredited certification through an examination. 


Necessary Soft-Skills


Besides the knowledge of how to navigate tricky financial situations and come out on top, a debt counselor will need to possess a strong command over verbal as well as written communication as a large portion of his job is the negotiation aspect, which requires him to liaise with creditors, courts and other agencies on behalf of his client. 


An aptitude in mathematics ensures that he is able to crunch the numbers and find the most logical and least expensive way out for his client.

Several employers also stress on knowledge of computers and accounting software. Your communicability is also improved if you are well-versed in a foreign language, which makes it easier for you to serve a particular community besides general clients. 

You will need to blend in with several types of people, and be patient to their plight, hear them out and serve them to the best of your ability. Administrative skills, time management abilities and prioritization are musts for any candidate who wishes to climb the ladder in the debt counseling and relief industry.


What Does a Debt Counselor Do?


A debt counselor is a financial advisor who deals with clients in financial distress. Being a debt counselor, you will be expected to provide emotional, moral and practical support to your clients so that you can see them through their period of indebtedness through financial planning, budgeting, wealth management, and if required, declaration and negotiation of bankruptcy. 


You will have to speak in the clients’ voice and also represent them in all legal proceedings as well as financial negotiations with creditors and their mediators.

The first step of a counselor’s job is analysis. You are expected to list and understand all aspects of the client’s monthly income and expenditure, and also make a list of all the debts, mortgages and leases which have been taken by them. 


Further, you need to prioritize this list to understand which debts are needed to be paid off immediately, so that they do not snowball into much larger amounts. The next step is to devise a payment plan, and then draw up all the paperwork. 

You will need to present your plan to the creditor, negotiate with them and get a written confirmation of the acceptance of the modified payment scheme. The legal aspects soon follow. Several clients may be forced to opt for bankruptcy. In that case it would be your job to help them through it and then assist them in improving their credit scores.


Debt Counselor Job Prospects


The debt relief industry is growing each day, and a steady growth pattern from the year 2010 to 2020 has been predicted by the U.S. Bureau of Labor Statistics. This means that there will be more job openings in the coming years. The indicated median income of a debt counselor in 2012 was $39,420. It is primarily a desk-based job, but sometimes you need to visit offices and courts for liaisons. 

Author Bio: Corey Mather has written several debt reviews and other finance-related articles for his blog. Having worked in the finance sector for over a decade, he has a sound knowledge in this business.



2 comments:

  1. Very few people are having the potential to write such excellent post. Because to write article one must and should have the complete knowledge about that field and also must have the experience of that field. Debt counselors are the important part of every national debt relief firm. These are the persons who have the core knowledge of debt industry and so that they can provide you the best debt settlement deals and solutions. It is also good field to make a bright and successful career. Students will definitely get good information from this article because you have included the basic aspects required to become a debt counselor.

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  2. Become a debt counselor is also a good career choice. Many students do not take this field seriously about the career perspective, but this field also has the potential to achieve good career. There are lot of national debt relief agencies over there who provides the training programs to make a good career in debt industry and become a debt counselor. This article has complete information about what to do to become a debt counselor. So read this article and start planning your successful career. Many many thanks for this excellent article. Thumbs up for this post. Great work!!!

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