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Why debt management companies are not always good for the customer

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The reason could be a personal crisis, illness, recession or downright your faults like gambling or overspending. It could be overcome, there are always ways. You don’t need to go broke over a bad period in your life.
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Why debt management companies are not always good for the customer

  1. 1. Are you standing at that point in your life when a phone ring makes you paranoid, and the tension about debt keeps you awake at night? The reason could be a personal crisis, illness, recession or downright your faults like gambling or overspending. It could be overcome, there are always ways.
  2. 2. You don’t need to go broke over a bad period in your life. If someone you know is in such trouble, consider the options thoroughly. A wrong decision might push you even further into debt. Take a look at what are the options and what could be the ramifications. It all depends on how much debt you are into, your discipline level and how you are planning to overcome it. Fortunately, there are options.
  3. 3. Consider self help If you could take control over your own financial situation, nothing would be better. Start listing your income sources and list out all your fixed expenses. These would be the fixed components in your list.
  4. 4. Next you have to list out the variable expenses which would differ month to month, like entertainment, travelling and bills. This could be a key to tracking your expenses, if you write the expenses down, you know exactly where your money is going and you can manage them well. Take out whatever little saving you have at the end of the month and pay your own debt. Easiest way you could settle down your debt.
  5. 5. If you are going to opt for self- help, these are some tips for you. Manage mortgage and auto loan If you have secure debts, it would probably be against some of your property. It could be your house or car, on stopping the payments for these, lenders will foreclose on the house and take away your car. Unsecured debts are mostly credit card bills, unforeseen medical expense and other loans.
  6. 6. To avoid foreclosure or repossession on your house and car, contact the lenders immediately. You could ask them a little time, which lenders with food faith can grant you. If you think you can’t do this, selling your car could be a viable option, because on repossession, lenders would do that anyway and that could profit you in no way.
  7. 7. Whereas by selling it, you can probably pay off a loan or two and come up in the financial stress ladder. For other lenders who are not that lenient, ask for a re-planning of your mortgage and with some additional charges and fees they would arrange that. Both buy you some time to figure out a game plan.
  8. 8. Visit us www.trueblueloans.co.uk
  9. 9. Thank You

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