Debt Advice: Do's and Don'ts
Debt advice is increasingly required in todays world. Recent figures show that Personal Insolvencies have soared by 55% over the last year and are expected to double in the next twelve months. Debt is, therefore, a growing problem for many of us.
If you are struggling to meet your finincial commitments, there are four golden rules you can follow to avoid the traps which may worsen the problem:
- Don't ignore the problem - it won't go away and the longer you leave it, the worse it will become.
- Be wary of borrowing more money - don't borrow more money to pay off your debts without getting advice first.
- Don't turn your unsecured loans into a mortgage - without getting advice first. If you secure unaffordable debts against your home inevitably you will fail to make the repayments and your home may be repossessed as a consequence.
- Do not pay anyone for debt advice - this speaks for itself. Organisations that want to help you will not charge for initial advice.
When you have unmanageable debts, your options generally fall into three categories:
For FREE expert advice on Debt Management, Bankruptcy or IVA, call a Farleys Solicitor now on 0845 050 1958 or e-mail us.
