The Importance of Getting Help

However you decide to tackle your debt problems you need to make sure you understand what you are doing. That is true of everything one does. And I think the process of getting advice and help is not just a first step, but an on-going one.
Even if you are not going to do it yourself there are good reasons from finding information on your own. Many intermediaries offer services for designing and running a debt management plan, an IVA, or even bankruptcy.
What is important is how any plan affects you. And the way to be sure of clear understanding is to find out exactly what each suggestion means, and how it will need to be improved for your own circumstances.
Don’t ever feel rushed. Don’t allow people to insist on a decision before you are ready. Always ask for clarification of anything that is not clear.
There is plenty of advice available, much of it good, but some of it like the sharks in the water.
First collect your thoughts and think what you need. You are going to be seeking the agreement of people to whom you owe money. They are going to want to know what the position is regarding the debt itself, what your income and expenditure are, and how your intend to pay back, or seek some other route.
You are going to want to know what you must do, how severe the law is for debtors and whether the finance company, bank or debt collection agency has any rules it must follow, how to contact and deal with the company, and where to get that detailed help and advice.
I already have some of this information on this blog for people in England and Wales, and there is more in my book. The first part should be ready very soon.
I wrote a note on the FSA (Financial Services Authority) trying to find a way to ensure advice was independent of selling. Well that isn’t a firm rule yet, and even when it becomes one there are still people’s personal views. In your case the only personal view that matters is your own.
So always take more than one source of advice. If I had taken the advice of my first ‘advisor’ I and my family would be starving and in the street, with no long term benefit to my creditor’s either.
Take a deep breath, take your time, and seek multiple advice and information.

Joseph Harris
Debt Control Man

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