What happens when you suddenly find that your income is heading southwards from your expenses? Each month you find your overdraft increasing in line with your stress levels. You need help…and fast!
After you have passed through the denial stage, the next step is Yellow Pages; internet search; classifieds or the man down the road who ‘knows about these things’. The advertisements abound with DEBT HELP; FREE DEBT ADVICE; OUT OF DEBT IN DAYS. Feeling very intimidated with the mass of content, you think ‘is it all worth it and I may as well just wait until the wolves are at the door’.
After a couple of month’s and the demands are starting to pile up. The phone rings constantly and you now know that if you don’t do something quickly the threats of court will become a reality. Your sure that the guy down the road said that he had dealt with his own debt and wouldn’t trust those ‘rip-off’ companies. They say they will get you out of debt but you end up owing more money. So next stop…. a debt forum to see if it is a possibility that you can get rid of your £30,000 of debt, all by yourself. Oh and with help from your new friends .
Now imagine you had a legal dispute that could land you in court, then the usual thing to do, would be to seek out expert advice ie: a Solicitor. Debt is a serious issue! So why not seek out expert advice in the direction of a good Debt Management company?
The problems associated with DIY Debt Management are numerous:
Do you have a good working knowledge of the debt industry and how it works?
Have you earned the trust of the creditors to enable a suitable plan?
Do you know every alternative to your particular needs?
Do you know the amounts you are allowed for income/expenditure sheets?
The list is endless. Suddenly you start to get overwhelmed with the work that is involved in dealing with these companies. REMEMBER: you owe them money and they won’t be giving you an easy ride. The weeks go by and you have your creditors accepting payments you can afford and you breathe a sigh of relief. It works …or does it. The next statement arrives and interest is still being added on. Charges are building up. Back to the drawing board and try to renegotiate. What happens now?
Well the statistics show that a majority of DIY Debt Plans fail. It isn’t any wonder considering the complex issues that are constantly changing. A good Debt Management company is worth its weight in gold. They will find the best plan that suits you the individual. Will constantly renegotiate to get the best and most affordable payment deals. Finally negotiating full and final settlements, which can be pence in the pound where there arn’t any agreements in place.
So who wins in the Self Help or Paid Debt Management arena. The paid company will always come out on top, but only if they are a reputable company, that cares about their clients. The cost of the plan will be more than paid for by the savings you will make on your debt.
Don’t waste your time or money. Seek out good, professional advice and be sure of getting rid of that Debt.
Charles Rees has been a Debt Counsellor for over 8 years and has vast experience in the debt field. He runs a number of companies associated with finance and Debt Management. At GotDebts.co.uk you can get free impartial advice and sign up for a FREE E-book on debt and his regular newsletter. He has one mission: to GET YOU OUT OF DEBT.
