Admitting that your debts are out of control can seem like an admission of failure. But in fact, seeking professional debt advice is actually the first step on the road to regaining control and bringing your finances back into line. It’s not going to be an easy journey and everyone’s experience will be different, but there are things you can do to rectify what initially seems like a hopeless situation.
The first thing to do once you’ve admitted that yes, you do need help, is to get that help. Impartial debt advisors are there to work with you to find options, work out financial plans and help you to get your finances back on track. They will talk you through not only what measures you can take to stop the bailiffs knocking at the door (including unsecured debt consolidation and IVA debt advice) but also your rights as a consumer.
By opening the lines of communication with your creditors, you are giving yourself far more options and a lot more ‘wriggle room’ to get things back on an even keel. By contacting your creditors and stating that you intend to work with them to draw up a mutually agreed pay-back arrangement, you are immediately entitled to a 30 day ‘breathing space’ during which your creditors cannot pursue you for repayment. This gives you a chance to consult with a debt counselling service and to draw up a realistic and effective financial plan to start paying back some of the debts.
Tackling out-of-control debt is not something that you can do on your own. Debt advice services have the means, the know-how and the experience to be able to look at your situation and present you with options. With their help, you can regain control of the situation and begin to get your life back in order, keeping you and your creditors happy and avoiding the stigma of bankruptcy.