Debt Managers

Advice On Using A Debt Manager

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Help With Debt Managers

Once you start life as a fully fledged adult, that is the time that you also become completely responsible for your finances. Depending on the job that you will be able to secure after graduating from college, you would need an apartment to rent or a house to pay mortgage on, a car to get you to and from work and a credit card to handle your daily living expenses. Unless you were born with a trust fund or a silver spoon in your mouth, all of these expenses will be handled through credit and loans which are a form of debt.

However, there are times when, through circumstances that you perhaps cannot control, you find yourself deep in deep in debt. If it comes to a point when your debts become too much than what your monthly take home pay can handle, you should definitely consider seeking professional help.

What Debt Managers Can Do for You

The good news is that there are plenty of solutions that you can consider to get out of the financial bind that you are in. If you have zero experience when it comes to handling such financial problems, then it definitely pays to seek professional help. This comes in the form of the advice which can be given by debt managers. As the name implies, these are financial professionals who work for debt management companies. Their role is to assess a client’s current financial situation, make calculations and figure out what the best way is to repay the debts that you acquired over the years.

Possible Solutions That A Debt Manager Can Provide

To have a deeper understanding of the role that debt managers can play in your life once you take advantage of their services, here are the possible solutions that they can lay out based on your current financial situation.

The debt manager can negotiate with your creditors on your behalf. This way, the monthly payments and interest charges on your existing loans can be reduced. Although there are some creditors who may agree that you pay a lower monthly due, remember that the entire loan amount still needs to be paid, so you will be in debt for a longer period of time. However, the monthly payments become more manageable due to the friendlier terms after negotiation.

Debt managers may also craft a debt management plan for you. After your financial situation has been assessed, a detailed plan on how to pay your way out of the debts can be crafted. If carefully implemented, you can get back on your feet financially in no time at all.

For those who are in serious debt, debt managers may also recommend applying for IVA or the Individual Voluntary Agreement. There are certain conditions that need to be met for this but once you qualify, up to 75% of what you owe can be written off. But keep in mind that being under the IVA programme can have a negative effect to your credit rating. This is only an option for UK residents.

Considerations When Looking For Debt Management Companies

Now, what are the factors that you need to consider when hiring the services of debt managers from specialist companies? First of all, avoid debt management companies which aggressively campaign for their services online or over the phone. Do not give out your credit card information over the phone and be wary of staff who are overly persistent when asking about your financial details when supposedly giving credit advice.

Second, non-profit agencies who offer debt management companies do not necessarily offer better service. What you can do is make a comparison of the rates and quality of service offered by both commercial and non-profit debt management companies. If possible, seek personal references so that you would have an idea about how one company fares against another.

Third, make sure that the debt manager carefully assesses your current financial situation. After laying out all the options possible for you, the debt manager can offer suggestions as to which method of debt repayment will be most suitable given your current financial status. But at the end of the day, it is still entirely up to you as the client to select which option to pay off your debts would suit your situation the best.

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Repaying debt over a longer period may increase the total amount to be repaid.