So you are in trouble, your debts are becoming un-managable and you are finding it hard to cope. You feel that you have let your family down and fear how they will react if and when they ever find out about the scale of the problem. How familiar does the above sound? Many many people are in a similar situation and therefore you should not feel like you are alone. In reality there is no time for fear as it is action that is now required.
Now before you continue to read this article I would like to point out that I am not a financial adviser and that what I write in this article should not been as “financial advice”. It is always worth seeking the advice of a debt specialist before proceeding or making a decision etc. I am actually a person that works on various projects including helping people to stop stuttering and offering cheap hotel deals.
Not everyone has access to a debt management specialist therefore we have to think about more realistic action to reduce our debts.
What we need of course is a solution to our debt problem. At the outset we should seek help with family and friends being the first port of call. It will be hard to come clean to your loved ones however you will need their support to find the way to a debt free life.
After step one has been accomplished it is then time to move on to stage two. The interest added to the repayments is usually what leads to the debt to becoming out of control. Due to the fact that we are in a recession can actually work to our advantage.
The lenders are now writing off thousands of pounds worth of debt each and every day. These companies are eager to recoup some of their money and are very much in need of real cash during these harsh business conditions. It would be advisable to contact each of your creditors to ask them to freeze the interest payable; let them know that you are unable to afford the payments but that you want to somehow clear the debt. It is a good idea to forward a copy of your payslip to confirm your annual earnings. Also let them know the true extent to your whole debt problem, for example what you owe to other companies.
I believe that many of the lenders will write back to you with a positive response.
There are always alternatives of course including going for an adverse credit loan however these are not a solution to becoming debt free.
Another alternative is to formulate a business cost reduction strategy, to lower business overheads; you can do this with the aid of cost reduction experts. This is where you obtain lower prices for things such as your telephone calls, electricity bills and even cleaning.
I wish you every success in your quest to become free from debt.