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There are various credit debt solutions available but the sheer choice of adverts and companies out there can actually be a barrier to making progress. It is important to steer clear of the many less reputable organizations that simply want to steer you into a payment plan that will make money for them. There are many highly reputable debt help companies that have helped thousands of people out of debt, so you just need to be careful to seek these ones out first. Some of the best organizations offer all the available debt solutions, such as debt management, consolidation loans and debt settlement, so you can simplify your efforts by approaching these first.
The process is very straightforward. You simply apply online using a brief form, and they then contact you to get a bit more information. They then analyze your situation and come up with advice and proposals for how you can best become debt free again. There is no obligation, so you can seek advice from a few companies before making any decisions.
You can find a list of some of the most reputable companies offering credit debt solutions on the main Debt Programs page of this website.
Just because you fall in debt, it does not mean your life is over and you have no way out. There are debt solutions out there, and it is important not to delay in seeking help. Credit cards are one of the biggest factors in creating debt problems, not just because you cannot pay back the amount borrowed, but because you will be paying much more than you actually should due to the high rate of interest on many credit cards. As far as possible you should try to repay cards in full each month. This is the only way to prevent interest building up.
Instead of using a professional company to help you with debt negotiations, you can of course choose to negotiate with creditors directly yourself. It is perfectly possible to achieve the same results as a professional, but only if you know what you are doing. Most of us obviously do not have that inside knowledge and experience that the professionals have, but you can get detailed guides that will take you through every step of the process. The best ones will provide precise scripts for phone calls and letters and tell you exactly what to do and when to do it in order to get the largest amounts possible written off your debts.
You can find a list of recommendations for some of the best debt negotiation guides on the main page on how to Negotiate Debt.
Credit debt solutions are available on the internet, but you need to be careful when choosing who to seek help from. Instead of going to just the first advert you see, take some time to see if anyone is recommending them and whether they have been around a while. Some companies have no track record and are just getting on the band wagon of the growing number of people now in debt. If you just want to try to take steps yourself, the first thing you can do is cancel your credit cards and then cut them up so you cannot use them. Remember that credit debt solutions are out there if you require help. It will not come to you so take positive steps to getting help and support with your problems.
It always makes sense to talk to your creditors instead of ignoring them. If you are honest and up front about your situation they are far more likely to be sympathetic than if you do not communicate at all. Explain to the card company that you really do want to repay them, but you simply cannot meet the payments at the moment. You can try to demonstrate what your financial situation is by preparing a financial statement with all your income and expenditure on it. Explain that if you cannot reach agreements to reduce payments you will need to consider bankruptcy. This option could leave them with nothing, so they may be inclined to reach an agreement with you. If you do reach any agreements to change your payments or how much you owe, always confirm this is writing and make sure you have the company’s written agreement to it.
When a collection agency tells you that they will put you in court, they are more than likely just bluffing, but you need to know that you could be taken to court. Most of the time the collection agency is just doing a job on behalf of the company you owe money to, so they themselves are not about to go to the trouble an expense of a court case. They could of course be acting on behalf of the company, who are indeed prepared to take you to court. The debt collector’s job is to use whatever tactics they can to persuade you to pay up. A lot of the time they only get paid if you pay up, so they have quite an incentive to get some cash out of you. There are occasions when a collection agency will actually buy the debt from the original company you owe the money to, and if this happens then you legally do owe the money to the collection agency, so they could take you to court themselves if they chose to do so.
You have nothing to lose by allowing a specialist company to examine your situation free of charge and advising you on what they think is the best solution for your problems. If they make a proposal for a debt plan you are free to either accept it or not. The important thing is to take action quickly, as the only certainty with debt is that it will keep growing if you do nothing about it.
Check out the list of recommended providers of debt solutions on the main Debt Programs page.
Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.