If you have significant debts that you have defaulted on then you may have large debt charges applied to your accounts. These will quickly make your debt situation worse.
Debt Charge – Stopping or Reducing
If this is happening to you then you need to take action to regain control of the situation. People that you owe money to will often stop adding penalty charges/interest to your account if they can see that you are taking steps to resolve the situation. One of the best ways to do this is to engage the services of a reputable debt management company. In the UK one of the best ones is the Payplan Partnership (I have personal experience of using them). They can control the process of negotiating with your creditors and can set you up in either a debt management plan or an individual voluntary arrangement. If you are in an IVA then adding a debt charge to your account is not allowed.
Tags: Debt Advice, debt charge, Debt Problems
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