Are you having trouble imagining a “debt free me”? Do your debt problems just seem to big to ever escape from? Well the good news is that however large your debt problems are there is always a way to get out of them. I’m not going to say that the things you have to do are always easy or without pain, but if you’re determined to escape your debt problem then you WILL be able to.
Debt Free Me – Through Declaring Bankruptcy
The easiest way to prove that you can escape from your debt problem is to give the example of bankruptcy. In the UK you will be able to declare bankruptcy if you have a significant level of debt and all of your personal debt (excluding secured lending like mortgages and car loans) will be gone. It’s not a decision to be taken lightly, but it does get rid of all of your debt immediately.
Debt Free Me – Through Hard Work and Budgeting
If you are in work and have income that you can use to pay off your debts then it’s surprising how quickly you can start to make a difference. Do a full budget and try and cut down on your spending wherever you can – use the extra money to pay off your debt more quickly. Always pay off your debt in order starting with the debts with the highest rate of interest.
Tags: Debt Advice, debt free me
Is a debt any different to a bill? Can the same debt solutions be used for both debts and bills? Most people make a distinction between debt which they have on credit cards or loan agreements and unpaid bills (like legal or medical expenses).
Debt, Bill – Is There a Difference?
In the eyes of the law (as far as debt solutions are concerned) they are the same. If you owe money to people that are not credit providers then they may not be used to dealing with debt solutions whereas for a credit company this is part of their everyday job.
If you are planning to enter an Individual Voluntary Arrangement the unpaid bills will be included in your list of creditors and the person that you owe the money to will be able to vote at the creditors meeting the same as all the other creditors.
If you enter bankruptcy proceedings then all your unpaid bills will be included in your bankruptcy. The only exception to this will be if you have unpaid fines
Tags: debt bill
When you have a serious debt problem you have a choice in how you resolve it. You can either try and tackle the problem completely on your own (not recommended) or get free help from a charity or sign up for a charge debt solution with a reputable debt management company.
Charge Debt Solutions – Why Use Them?
If you can get your debt advice free then why would you want to use the services of a company that are going to charge you money? The answer is in the type of debt management solution that the company can offer and their expertise/reputation with the creditors. In the UK there are two good sources of free advice if you have debt problems: The Citizens Advice Bureau and the Consumer Credit Counseling Service. These can both offer good general advice on debt and can help negotiate with your creditors to reduce payments/freeze penalties and interest etc. The CAB can also help you if you are considering bankruptcy. However neither can offer an Individual Voluntary Arrangements since these require the provider to be a Licenced Insolvency Practioner.
A reputable debt management company like The Payplan Partnership can provide a “one-stop shop” for your debt problems and are able to help you with whatever solution you decide on.
Tags: charge debt solution, Debt Advice
