Don't Suffer in Silence ? Help for Uncontrolled Debt is Available ...

Are you struggling financially, but don?t want to admit it to anyone else? Perhaps you have not been able to pay your bills, or fear losing your home?yet, put on a good front for others to make sure they don?t know what is going on. You don?t need to, and shouldn?t, actually.

Fighting to stay afloat and maintain your life as you know it can be very stressful. However, keeping it all in and trying to do it all on your own behind closed doors is not healthy, both emotionally and physically. If you can?t talk to someone about it, then you are risking your health.

In addition, talking to others can help you get out of trouble as well. Of course I don?t mean chatting it up with your neighbor, or your co-workers. It?s understandable if you don?t want everyone to know what is going on. However, you would probably find out that many people you know are in the same unfortunate situation.
At the very least, talking to a professional will help you find out how to get out of this financial mess, and know what options are available to you. In fact, let?s take a look at some of those?

Credit Counseling

One of the options is credit counseling. This is where you will meet with a certified financial counselor. What they will do is review your financial picture, evaluate it, and then provide counseling for you to learn how you can work at getting out of trouble.

This counselor will conduct an analysis of your financial budget and situation, including all of your current income and expenditures. By doing this the counselor can then determine the root of the problem, as well as possible options on how this debt can be repaid. These options could include creating a budget, debt management plan, or even bankruptcy, depending on the severity of your crisis.

Along with helping you find a workable payment plan, a reputable credit counselor will also offer advice and education on how you can best manage all your finances to avoid this from happening again in the future.
Quite often you can find an agency that will offer the counseling at no cost. They make their money on entering into one of their plans, so keep that in mind when choosing your option.

Debt Management Plan

If you have the option to enter into a debt management program, it would be because you have gone through debt counseling first. In other words, if the credit counselor has to determine that this is an option for you. Everyone will not automatically qualify. However, these programs, such as voluntary IVA? in the UK, are a popular choice.

In a debt management plan, the agency will go to work for you in securing a deal with your creditors that will lower your payments, decrease your interest rate, or both. Their motive is to give you a more reasonable monthly payment that will cover all the accounts you include in the program. In other words, if you have 3 credit cards, they can negotiate lower balances and interest rates on all 3, and you pay them one monthly payment, that they apply to your negotiated accounts for you.

I have known people who have gone through this program with great success? and others who have not. It?s best to do your research on companies and look for testimonials and complaints before deciding to enter an agreement with one.

Debt Consolidation

This is where you take out one big loan, so you can pay off other loans and debt that you are facing. It is intriguing to people for the main reason that it consolidates your payments into one?meaning one payment per month, compared to several.

It often comes with a lower interest rate as well as payment than when paying out separate payments. The downside is that it will take longer to pay it off, and even though the payment is less, the overall amount you pay will be more.

Debt Settlement

As in the debt management plan, your debt will be negotiated by the agency, reducing the balance of what you owe. The difference is you will be expected to pay a lump sum of what is negotiated. Here are just a few pitfalls to this option:

If you had excess money laying around (that will be necessary in a lump sum), you might not need debt relief at all

You must first let your payments ?go?, ruining your credit further, in order to have leverage in the negotiating

Debt collection calls will soon start, even though it must stop once they are notified by the agency

Now, the agency has the ability to set up a 3rd party trust for your money to accumulate. You will make payments to the agency, rather than the creditor, which can add up to a lump sum while your accounts with the creditors go unpaid. It?s only when you have a decent balance in that account that the negotiations will start.

Keep in mind; they need to get paid as well. So, part of that payment you are making to build your balance will go to the settlement company.

In Closing

Each option will have its share of perks and drawbacks, and will depend on your overall financial situation. Make sure you research any agency you are thinking of working with, as well as heed their advice on becoming financially secure again for the future.

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Author?s Bio:

Kathy Barber left the traditional workplace to start a career in freelance writing, and has never looked back. She often writes on subjects such as medical, entertaining, online business, and home brewing. Kathy?s most recent work is a result of researching voluntary IVA and other financial matters. Kathy find a lot of great information for her articles while researching online. She found a lot of useful information on www.debtmanagementplans.uk.com. When she is not working, you will find her spending time with her husband and son. Residing in Michigan, she loves being by the water, camping, music, and visiting her mom across state.

Source: http://www.byapaar.com/dont-suffer-in-silence-help-for-uncontrolled-debt-is-available/

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