Many people struggle with debt and only take advice when they have anguished for months over where to seek a remedy. In the meantime they may have missed the triggers that would have warned them of an impending debt problem and as a consequence they may have built up more problems than simply owing a bundle of debt.
The sure signs of a debt problem
The following is a list of the typical progression that an individual will experience from debt free to debt meltdown. If you are reading this and recognise any of the stages then you need to pick up the phone to Help With Debt whose link is attached.
· Stage 1: Debt instigator (e.g. unemployment, lost orders, death, cash flow, redundancy, sickness, marital breakdown etc.)
· Stage 2: First missed payment and initial creditor pressure.
· Stage 3: 'Robbing Peter to pay Paul' – the loan to service debt principal
· Stage 4: Multiple debts coupled with increasing creditor calls.
· Stage 5: Contact with creditor - promise to repay (agreement to pay whatever they ask just to make the calls stop)
· Stage 6: The breaking of promises to leading to an escalation of calls and letters
· Stage 7: Individual responses, e.g. depression, frustration, anger, denial
· Stage 8: Legal pressure - letters from solicitors, court summons, court orders often leading to bailiffs action and then again agreeing to unrealistic repayments.
· Stage 9: Financial meltdown.
· Stage 10: Priority creditors pressure as even most essential payments are missed leading to bailiffs action, disconnection of utility supplies, loss of home.
· Stage 11: Final degeneration being mental breakdown. marital breakdown, domestic violence, deterioration of physical health.
If you recognise the above check this link for a solution. http://steves-helpwithdebt.blogspot.com/2008/10/some-debt-management-advice.html
http://www.helpwithdebt.org/
Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts
Tuesday, 7 October 2008
Some debt management advice
In my role within Help With Debt we are always asked to explain what a debt management plan entails and what its benefits are. For those reading this blog who are unsure below are my top ten reasons for considering a DMP:-
10 reasons to do a debt management plan with Help With Debt
1. Continuing to struggle with payments you cannot afford, will cause stress. This may lead to ill health and marital or family problems. When you see the post piled on the doorstep, or see the answer phone bleeping, do you worry and stress. By engaging us these calls and letters will stop.
2. One call to us will mean that we can take away all the pressure that has been building for weeks or month.
3. You can increase or decrease your payments to suit your budget. Unlike an IVA it can be flexible to meet your personal circumstances.
4. You can propose this solution with as little as two creditors. As long as you have debts you cannot service in full we have the debt solution for you.
5. You can have a debt management plan with debts at any level. Most people will have at least three thousands pounds in debt. You can owe up to any level, but the greater the amount you owe, may mean other solutions are more applicable.
6. A Debt Management plan can be done with Help With Debt for as little as £100 per month. We believe that everybody is entitled to a debt solution. Most of our clients pay between £150 and £250 a month.
7. Your property will not be at risk. If your plan is agreed and maintained then no further action will be taken. Contrast this position to an IVA or bankruptcy.
8. In the majority of cases interest can be frozen and charges kept off.
9. It is an alternative to going bankrupt for those people that might be unable to continue in a profession such as a solicitor or accountant.
10. You can cease it at any time and consider another debt solution, such as an IVA or bankruptcy.
For more information visit http://www.helpwithdebt.org/
10 reasons to do a debt management plan with Help With Debt
1. Continuing to struggle with payments you cannot afford, will cause stress. This may lead to ill health and marital or family problems. When you see the post piled on the doorstep, or see the answer phone bleeping, do you worry and stress. By engaging us these calls and letters will stop.
2. One call to us will mean that we can take away all the pressure that has been building for weeks or month.
3. You can increase or decrease your payments to suit your budget. Unlike an IVA it can be flexible to meet your personal circumstances.
4. You can propose this solution with as little as two creditors. As long as you have debts you cannot service in full we have the debt solution for you.
5. You can have a debt management plan with debts at any level. Most people will have at least three thousands pounds in debt. You can owe up to any level, but the greater the amount you owe, may mean other solutions are more applicable.
6. A Debt Management plan can be done with Help With Debt for as little as £100 per month. We believe that everybody is entitled to a debt solution. Most of our clients pay between £150 and £250 a month.
7. Your property will not be at risk. If your plan is agreed and maintained then no further action will be taken. Contrast this position to an IVA or bankruptcy.
8. In the majority of cases interest can be frozen and charges kept off.
9. It is an alternative to going bankrupt for those people that might be unable to continue in a profession such as a solicitor or accountant.
10. You can cease it at any time and consider another debt solution, such as an IVA or bankruptcy.
For more information visit http://www.helpwithdebt.org/
Monday, 6 October 2008
Billions to banks so why is the market still falling
God it makes me mad. I'm having a little scan through the BBC website again and see that the BoE is going to make billions more available to the UK banks. This on top of the billions that they have already had in an attempt to create a market for inter bank lending. A scheme which is patently failing.
The problem is that the banks cannot trust each other enough to know that they are worth doing business with. The result is stagnation in the financial markets.
This is a problem of their own making and yet they want all of us to pitch in and bail them out.
Here's an idea. Tell them to go hang. If they want to save their asses they are going to have to be honest with each other, put all their cards on the table and say this is my exposure, who will do business with me. If nobody will tough. The bank goes to the wall. The sooner some more banks fold the rest will soon learn a lesson and regulate themselves. They will realise that at some stage they will have to deal with each other again, and then the market will start to move again. Proper capitalisim at work!
What do you guys think. You with me or agin me.
For more information and articles please visit http://www.helpwithdebt.org/
The problem is that the banks cannot trust each other enough to know that they are worth doing business with. The result is stagnation in the financial markets.
This is a problem of their own making and yet they want all of us to pitch in and bail them out.
Here's an idea. Tell them to go hang. If they want to save their asses they are going to have to be honest with each other, put all their cards on the table and say this is my exposure, who will do business with me. If nobody will tough. The bank goes to the wall. The sooner some more banks fold the rest will soon learn a lesson and regulate themselves. They will realise that at some stage they will have to deal with each other again, and then the market will start to move again. Proper capitalisim at work!
What do you guys think. You with me or agin me.
For more information and articles please visit http://www.helpwithdebt.org/
How to beat a statutory demand
I blogged earlier on my company's web page about a little known section in the consumer credit act that can be utilised to prevent or curtail collection activity from Debt Collection Agencies. I am re-printing the blog here.
How to beat a statutory demand
Now before we go much further this is not a guarantee, but we have found that there is a solution that puts the Debt collection agency on the back foot, when they send a stat. demand to you through the post.
Peoples first reaction when they get the demand is to panic. They see the words bankruptcy and a deadline of 21 days and they can’t think what to do. Our first reaction is to advise that in all probability the demand will not result in a petition for bankruptcy being issued at all. The statutory demand is being used by collection agencies as a debt collection tactic. If the debt has been incurred and there is no obvious dispute it may seem that there is no way out.
We may have the answer. It is using Section 77 of the Consumer Credit Act which obliges the creditor or the collection agency to provide a copy of the signed credit agreement, prior to having the right to collect the debt. They have twelve days in which to do so failing which the debt cannot be proceeded to be collected and any attempt to do so will be a breach of the Consumer Credit Act.
We have considerable experience and success in helping people stave off demands by using this tactic.
The statutory demand is being used now as a debt collection tactic and not because the DCA has any intention of following up with a bankruptcy petition.
For anyone interested in utilising this procedure, follow the attached link. http://www.helpwithdebt.org/
How to beat a statutory demand
Now before we go much further this is not a guarantee, but we have found that there is a solution that puts the Debt collection agency on the back foot, when they send a stat. demand to you through the post.
Peoples first reaction when they get the demand is to panic. They see the words bankruptcy and a deadline of 21 days and they can’t think what to do. Our first reaction is to advise that in all probability the demand will not result in a petition for bankruptcy being issued at all. The statutory demand is being used by collection agencies as a debt collection tactic. If the debt has been incurred and there is no obvious dispute it may seem that there is no way out.
We may have the answer. It is using Section 77 of the Consumer Credit Act which obliges the creditor or the collection agency to provide a copy of the signed credit agreement, prior to having the right to collect the debt. They have twelve days in which to do so failing which the debt cannot be proceeded to be collected and any attempt to do so will be a breach of the Consumer Credit Act.
We have considerable experience and success in helping people stave off demands by using this tactic.
The statutory demand is being used now as a debt collection tactic and not because the DCA has any intention of following up with a bankruptcy petition.
For anyone interested in utilising this procedure, follow the attached link. http://www.helpwithdebt.org/
Welcome to my blog
I already blog on my company's website but I have so much to say and so much information to impart that I thought I'd start here as well.
So check out http://www.helpwithdebtuk.com/ for total debt solution advice in the UK.
So check out http://www.helpwithdebtuk.com/ for total debt solution advice in the UK.
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