help from a debt charity

Don’t Fret About Debt

For many individuals due to many different reasons they find themselves in an almost impossible situation. They are in debt and they can see no way off paying it back.

Our advice is simple don’t fret, there are many different reasons why people find themselves in debt it can be redundancy, ill health, divorce the list is endless. Though the effect of debt can affect people in similar ways our advice is seek help as soon as you realise you are struggling with your debt, we all want to mange it and nobody wants to pay somebody to sort it out for them, however if we seek debt advice early enough we may have more options available to us at that stage.

In the first instance you want to speak to a charity people that are not there to gain anymore from you but will offer free debt advice. We recommend speaking to a debt charity.

In order for anyone to be able to give you the correct advice they will need to gain some information from you, they will want to know how much debt you have, how much income you have and how much expenditure you have. They will also enquire about any assets you may have. It is at this stage they will be able to offer you the best advice to suit your own personnel situation.

The advice varies from person to person as each personnel situation has to be taken into account. It could be for some they are missing out in benefits which they are entitled to, for others they may be advised to negotiate with their creditors and make token payments until they can get themselves back on their feet.

A Debt management plan may be an option which is an informal arrangement between you and your creditors in which you repay all the debt though over a longer period of time.

An IVA is another option where you repay a percentage of your debt and at the end of the term the rest is written off.

Bankruptcy is recommended when you have no disposable income and are unable to repay your debt.

For any of the above solutions you need to be aware of the impact they will have on your credit rating and that will last for six years.

Before entering any solution you must be aware of all the advantages and the disadvantages before you sign.

If you do find yourself fretting about debt call a debt advice charity they will offer you friendly advice and make you aware of the best way for you to become debt free.