Do you remember when you attended high school and you had to sit through all those financial management classes? No, neither do I and I don’t remember any classes that informed me what I should do should my finances get out of control. Managing your finances isn’t an easy task and most of us just pick it up as we go along. When things go wrong we don’t really know every option available to help us regain control of our debts. At this point the best approach is to contact a debt management company to get the latest information.
So let’s take a look at how debt management companies can help you out of a stick situation and help you to become debt free.
Choosing the right debt management options
There are so many options available that if you knew about them all it would be mind boggling to choose the right one. Ultimately, the right option will be selected by your personal circumstances, level of debt and ability to make regular repayments. So will you opt for an IVA, a debt management plan or even bankruptcy? Don’t worry; let your debt management company handle it.
The role of a debt management company is to help you make the right decisions about your finances. With all the options available, one of them will fit the situation and they will place you on the right path. More than this though, the services a debt management company provide can manage the whole process from start to finish enabling you to carry on with your life in peace.
How they help
Understanding your situation– This is one of the most important factors in selecting the right option for you. They need to know what position you’re in and how this will reflect on your debt management plan
Income and Expenditure– Working closely with you they will create an income and expenditure calculation to prove to your creditors that you can’t afford to meet your monthly payments. This will be a true reflection of your current financial position.
Negotiations– Armed with all this information they can contact your creditors on your behalf to negotiate an affordable monthly repayment plan. This leaves you to move on with your life in peace.
Payment management– In some circumstances you won’t even have to pay your creditors individually. You could make one monthly payment to your debt management company who will distribute your funds to your creditors on your behalf.
On your side–Debt management companies do not work for your creditors. You are their client and as such they work for you. You will find they are very sympathetic to your situation because they deal with this on a day to day basis. Harrington Brooks currently assist over 35000 people to manage their debts and help them to become debt free so their experience in this sector is second to none. If you find you are having difficulties with your creditors when you have taken out one of the financial options available you can call your debt advisor and let them deal with the problem.
So there you have it. There are many more benefits associated with a debt management company but I think you get the gist of things. If your debts are spiralling out of control the best option is not only to seek the right advice but get the right support throughout your situation. Speaking to a debt management company could just be the turning point in your life to getting you back on the right track with your finances and making as real difference to your life.
Martin Bradley is an executive representative of Harrington Brooks, an established debt management company . They are currently assisting over 35,000 UK individuals to manage their debts and become debt free. They specialise in providing Individual Voluntary Arrangements (IVA) , Debt Management Plans and Bankruptcy services.