Even though it can often feel that there’s no way out of bad debt, there can sometimes be quite a lot of options open to people who are facing debt problems. In fact, there are so many options that sometimes it can quite difficult to decide upon the best debt solution to suit your circumstance. So, how do you know who to listen to? Obviously, the right debt advice from the right person can help you to get out of debt. However, just because it worked for your relative, colleague or neighbour doesn’t mean it’s the right option for you. There’s also advice from a specialist debt advisers, who again can help you get out of debt. Always be sure that this debt advice is tailored to suit your circumstances and the debt advisor has a true picture of your financial worries, as bad advice could keep you in debt. In fact, it could make your situation even worse.
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The perils of bad debt advice
September 18th, 2009What is a Trust Deed?
September 18th, 2009A Trust Deed is a formal agreement between your and your unsecured creditors by which you can make repayments over a specified period. It’s legally binding and can be a viable alternative to filing for bankruptcy and can prove to be a highly effective form of debt management.
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What’s the best way to pay off debt?
September 17th, 2009There are a few ways to pay off debt and the best will depend on your circumstances. What’s certain, tried and tested NOT to work, is the “ostrich method.” This head in the sand, hope it’s going away technique has landed many people in trouble. So, learn from their mistakes, follow some of these straightforward points and you’ll be on the road to freedom from debt in no time. Stay positive though, it probably took you a while to get into debt and you need to acknowledge that it’s not going to disappear overnight. Read the rest of this entry »
Who needs debt advice?
September 17th, 2009There’s a lot of information floating around on the best ways to deal with debt. A lot of it can be quite difficult to understand, a lot can be over-simplified and a lot can be downright contradictory.
Navigating this sea of advice can be difficult, particularly when the advice comes in the form of industry jargon. It might take a while to grasp the different options at your disposal and under mounting financial pressure; time is often a commodity that becomes more and more valuable. Read the rest of this entry »
Is debt management an option?
September 16th, 2009Debt management companies negotiate on behalf of the borrower, in an effort to reduce the monthly amount that they need to repay towards their unsecured debt. They can only deal with unsecured debts, not secured mortgage payments, so this is the first factor in deciding whether or not a debt management company is an option for you.
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