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Debt Solutions in UK
Sometimes, when you are highly stressed on a financial level, you may not be in a position to think clearly for a solution. It is times like these where you need help from professional debt management agencies. However, for the time being, the following is some possible solutions and tips to handle a tough debt situation.
The first thing to do is to guard your self. You can do this by making prompt responses to court orders and deadlines if any. Find someone who can help you in managing the situation. It is better to negotiate the claims with your creditors as early as possible before the deadlines set by the court. You can find reputed debt management agencies on the web to help you out. You can get ideas from these agencies on how to minimize the damage and avoid costs by resolving the matter out of court.
Whilst doing the bargain, it is important to try for a practically feasible and honest solution. Your statement of the financial means should be as precise as possible covering all the possible expenditures. It is not good to give a hyped statement of the costs, as the creditors usually expect an honest account.
It is essential that you do the job in a refined manner. Make sure you answer any calls in a prompt manner, and do not forget to reply to the letters you receive. If you receive an alert on payment delays on your part, make sure you inform your creditors about when they can expect your payment. There is a possibility that some of your creditors may treat you in an offensive manner. However, it is your duty to explain your dire financial situation to the creditor and persuade them to be considerate. You are not going to do any good by getting furious with them.
Avoid making things complicated. See that the explanation you give for not paying is simple and straightforward, rather than beating around the bush and complicating things. Explain how you are planning to do the repayment and how you are going to get back on track. Clearly mention the date when you are expecting to do the next payment.
It is better to avoid trying to intimidate the creditors with Bankruptcy; this will only make them step-up the action against you. Instead, you should handle the matter with care and diplomacy. Maintain some level of respect and maybe you can point out to them in a no-so-threatening way that bankruptcy can be a possibility if there is no other way round.
While it is important to handle things with care, that doesn’t mean that you should allow the creditors to take you for granted. Remember, the worst thing that can happen is the creditor getting a court judgment that allows taking money from you against your will. So if you feel that you are unfairly besieged by a lending agency, just ensure that you report such practices to higher authorities.
Be practical in the promises you make to the creditor. Don’t give impossible assurances. Explain to the creditors what is realistically feasible for you in your current circumstances. Just make it known to them and ask for help if you are in a highly stressed situation; there is no use of giving a false assurance and missing making the repayment yet another time. This is only going to make the creditors more aggressive.
And once you have given a deadline to the creditor, see that you make the payments as promised and on time. If you come across any obstacle to making the payment, call the creditors and reveal your circumstances. Also explain how you are planning to get things back on track.
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