Debt Advice Trust Blog

Before we look at advice on debt that will help you to defeat credit bullies, let’s take a moment to see why they react in the way that they do. Consider the fact that your creditor originally lent you money in good faith, you agreed to pay it back at a certain rate and, in their eyes, you have now (for whatever reason) broken that original agreement. Your creditor may have dozens or even hundreds of people in the same position, putting them in a very difficult financial quandary themselves. Their jobs or even their businesses may be at risk because of dozens of mounting debts just like yours.

This is why creditors can seem to come down particularly hard on ordinary consumers. To make matters worse, the most common reactions to demands for payment is either an ‘ostrich’ approach (ignore it and hope the problem will go away) or, in the worst case scenario, declare yourself bankrupt and effectively write off the debt, scuppering any chance the creditor has of reclaiming a penny of the debt. Is it any wonder they’re nervous about your debt?

But by sitting down and talking to an impartial debt advisor, you can avoid these scenarios and actually begin a constructive dialogue with your creditors. You will find them much more willing to accommodate your situation if they understand the reasons behind your difficulties. Impartial advisors may be able to put you in touch with intermediaries who can act as a go-between for you and your creditors, helping you to draw up repayment plans or arranging a debt management strategy that will keep everyone happy.

It is also important to know your rights in this situation, and an impartial debt advisor will be able to tell you about the 30-day ‘breathing space’ policy and other legal aspects of debt management. Impartial debt help is available free from the national debt helpline (for example), they won’t sit in judgement of you and it could be the one call you make that will help you stay in control of your finances and keep the wolves from the door.

Tags: Debt advice, Debt management

This entry was posted on Thursday, October 29th, 2009 at 3:11 pm and is filed under Debt advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.