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Debt consolidation
help and advice is in popular demand today, more and more people
are looking to consolidate their debts, with debt and credit help.
Problems with loans and credit cards payments piling higher and
higher, it is difficult to see a solution to debt problems.
So many commercials
tempt us to either get into more debt by borrowing money to pay
off multiple debts thus only paying one (debt consolidation) and
even taking on an IVA. (independent voluntary arrangement).
Solicitors can
help with debt and credit problems. Seek advice from a specialist
insolvency law practice, possibly one that provides legal and technical
advice to professional insolvency practitioners as well as debtors
and creditors.
Debt consolidation
may not be for you and an IVA may or may not help. A solicitor specialising
in insolvency can look at your personal financial situation and
offer professional advice.
Bankruptcy may
be an option but not one that you should opt-in without consulting
a lawyer.
When looking
at credit repair advice be mindful that many articles on credit
repair suggest using certain tactics relating to CCJ Removal (County
Court Judgements).
Such credit
repair advice may suggest lying to a court in order that a judgement
be 'wiped off'. You risk getting yourself into bigger trouble going
down this road.
An insolvency
solicitor will be able to explain your genuine legal rights as opposed
a so-called ' Debt Elimination Loophole' to rid yourself of all
debt problems.
A legal 'Debt
Relief Plan' may mean contacting each and every creditor, in writing
and placing a managable written proposal. Such a plan will take
time to improve your Credit Score but it will reduce your debts
and gradually pay them off.
Firstly, you
need to acknowledge the fact that you are in debt. Don't bury your
head in the sand. Don't ignore letters from creditors, baillifs
and debt collectors ... they won't go away!
If you feel
that you cannot afford a solicitors fee, ask for a free consultation
because any insolvency solictor will understand that if you are
seeking advice about debt ... you won't have any spare cash!
However, if
you have the finacial resources to make repayments, the solicitor
may work a plan with you.
You have to
help yourself first by taking positive action, soom you will so
less letters, no more feared knocks at he door and you can answer
the telephone without fear of debt collectors hounding you.
Another important
rule is don't lie about your income and expenses, believe it or
not, even if you owe money all over the place, you are still entitled
to go on holiday as long as it is reasonable. So, an off-peak low-cost
family break will not be frowned upon, but a five-star luxury world
cruise will.
You will need
to list all your expenses, contraception, hygiene and medication
are legitimate expenses; meals out, wines and spirits are not.
Go now, take
a pen and paper and begin to write down every single penny you spend.
Then list all your income including family tax credits and other
benifits.
These lists
will be your tools to help sort out your financial situation.
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