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.