Who Can I Trust With Debt?

Trust is a vital component to overcome in debt. It’s finances after all – which company will look after your interests best and care about your situation? It’s easy to see that plenty of companies want to help but which ones can you trust. The trust element should not be overlooked because the wrong company can make the situation worse.

Most people will be in a serious debt problem once in their life only. It’s a period of uncertainty which most people will want to forget once it’s resolved and it takes a positive move to get the solution started.

Trusting The Right Debt Company

The decision over which debt company you want to speak to will depend upon the solution you’re entering.

The best option is to get debt help via a charity. These not for profit agencies give you help for free and without the bias of the debt solution hanging over their decision making process.

“I was in debt and entered a debt management plan. I didn’t realise the interest and charges were not frozen so the debt just rose and I didn’t know!”

The debt charity will be able to guide you through the process of each option. You can trust them because they are free and receive money from grants to provide their services. If you seek help elsewhere then the company may make money from you.

There are different ways

You can be asked to pay into the solution in order to make companies money. These organisations may place you in the wrong solution in order to make money from you. The ways these companies can make money from you include:

1. Money for advice: Unusual in today’s world, but some companies still charge people for debt advice.

2. Charges for the solution: The solutions often come at a price. Some companies will charge you and other will charge the creditors.

3. Introducer fees: If you’re passed onto another company then the original company could get an introducer fee.

Trustworthy Debt Companies

If you’re speaking to anybody other than a debt advice charity then you’re making a big mistake. The debt charities offer the quickest, cheapest and most honest route out of debt.

You can get debt free with fee charging companies too but when the charities are as good as they are in the UK you should place your trust in a not for profit charity first.

Get help with debt problems

Debt Advice Help and Information

Anybody can give debt advice, let’s face it we all take advice from friends and family from time to time. Some of this advice is good and some can be bad. Some advice is laced with agenda with other people providing the advice they want you to take, not necessarily the best advice for you. This is what can happen with debt advice if you don’t get the right help and information.

There are lots of different people offering debt and money advice in the UK. This represents a block which needs to be removed. Why accept poor advice which will leave you in a worse financial situation?

Help with Debts

There is no shame in asking for debt help, especially if you’re struggling financially. Most people get into debt because life happens. Houses, cars, children and general living costs can mount up and it’s expensive. This then means people use credit in the short term to pay for things. This is fine as long as the credit is manageable. When problems arise in life which make the payments unmanageable – like death, divorce or loss of employment – then repaying the contractual debts isn’t easy.

This can lead people to ask for debt help and money advice. This information is invaluable to helping people get back out the debt hole they find themselves in. The solution to debt can take 1 year or 10 years but there is always a way out.

Not every debt solution will require you to sell your house either. People have often commented

“I’m debt free and I still have my house and car”

That’s because it’s only equity people are interested in. If the equity can’t be released then it’s unlikely you will have to sell at all!

Tips for Getting Debt Advice

1. Check the fees: There are companies that will charge you a fee for their services. These fees are not necessary. You can get FREE debt advice from companies and you don’t need to pay.

2. Check the licence: If they don’t have a licence to provide debt and money advice then stay clear.

3. Check the agenda: Is the company trying to sell you a product to make money? If so, be aware it may not be in your best interest.

4. Check qualifications: If you need an insolvency solution like an IVA or Trust Deed be sure the insolvency practitioner is qualified to provide your service.

5. Check speed: With debt problems time is often against you to get money worries under control. We don’t want to be in debt any longer than we have to be. This is why speed of service is vital. You can get quick help and advice from a free debt organisation.