Basic Debt Advice

james · #1 (**permalink**) Sun., 11:11 PM

Top Tip:

If you need to reduce your debt the first thing to sort out is your current spending - you'll never sort out your situation until you’ve stopped creating new debt!

Before you do anything else make sure that you are living within your means.

This means accounting for absolutely everything. Add up every single penny that you spend for a month and then deduct from your income. If you are still in the black your on the right track at least, if your in the red you need to reduce your expenditure right now!

manu · #2 (**permalink**) Thu., 01:07 PM

Bad debt advice introduction

Beware of misleading information
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information, therefore it is very important that you take the time to read our brand new debt warning and advice page.

The real truth about debt and credit problems is that you can achieve financial freedom through a professionally managed plan, however, you can also make your financial situation much worse by signing up with the wrong company. Just use common sense, if it sounds too good to be true, it probably is.

Advantages of a Debt Management Plan

In the area of debt elimination some people like the idea that they have a contract with the Debt Management Organisation, and believe that they therefore have more control over how their debts are treated:

you will have almost instant access by phone to the Debt Management Organisation and will not have to wait to see someone
some people like the anonymity of a telephone service run by a Debt Management Organisation

you do not have to do any work in relation to your debts, for example, drafting letters to creditors

there is only one payment to make - to the Debt Management Organisation - and the company distributes the money to the creditors.
you do not have to pay several different companies. Instead only one payment.

if the plan is carried out successfully all Interest and charges are usually stopped.

you only pay what you want to so that you have enough left over for a healthy social life.

you will no longer need to speak to your creditors in order for debt elimination to take place

yana224 · #3 (**permalink**) Sat., 04:32 PM

Nice thread! I really like your provided information. It's really helpful for me.
Thanks a lot!

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