Fiscal dilemmas can come up quickly, and can be very taxing. The main difficulty is that we usually don't know who to get advice from when we get into debt. This article is to give you the essential information concerning the options you have when you are facing trouble such as debt. Luckily, there are quite a few organizations nation-wide that give aid to people who have fiscal concerns.
The Consumer Credit Counseling Service: This is a registered charity that provides free advice to people who are facing financial challenges. Their advice is independent, impartial, as well as realistic. You can call 0800 138 1111 to talk to a counselor who will conduct an assessment of your financial situation, and will either provide you with emergency help, self-help materials, or call you in for an interview. The interview will either be phone based or in person and they will send you preparatory information in advance.
They will completely review your debt and income and give a recommendation of what you should do. They will priorities your basic living expenditure, priority debts, and after this review whether you have money left over to pay to the other creditors. If you do, they will call these and set-up interest freezes as well as talk creditors into accepting a longer repayment time line.
There is also a national telephone helpline, called National Debt line, which can be accessed by people in England, Wales, and Scotland. The service is complimentary, as well as sovereign. They will promise you privacy as well. After your phone call, they will follow up with free resources that can help you. They can also help you set up a management plan for your debt.
The third organization is Payplan, which is one of the UK's best debt management companies. They assist people who have difficulty managing debt, and will also work in collaboration with the National Debt line. They provide a free debt management service, and aim to help people set up and follow a repayment plan. They are funded by the credit industry, who wants all people to have access to free advice on how to manage debts.
They will do a full appraisal of your funds, and then approach your creditors and discover ways to work out new repayment plans. You will then pay Payplan monthly, and they will re-direct these payments to your creditors. All the money you pay them is used to pay off your debt and they will allocate a case officer to you who will assist you in case you are having trouble with anything. You can call them at 0800 085 4298.
The Citizens Advice is a free information and advice service that helps people with legal and financial problems. Most of their advisers are trained as volunteers and solve over 5.6 million cases a year.
Before meeting them, gather all your documentations including any court papers and information about your earnings and expenses. You can get a number for The Citizens Advice through your telephone directory.
About the Author:
An iva is one option that may be available to those with problem debt. It's suitability depends entirely on your type of debt and debt amounts. For this reason it is crucial that you get good debt advice from a reputable debt professional. The wrong debt solution can result in making your situation even worse.