Debt has become a major problem for many consumers in the UK. The problem can seem insurmountable especially when you are being hounded by calls and letters from creditors demanding that you make payment or face legal action. CCJs and defaults are extremely damaging to your credit history and they also usually incur extra costs that you will need to meet. If you are in this kind of position you should seek debt advice sooner rather than later to help combat the problem.
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An initial debt advice consultation will consider your personal circumstances to create a debt management plan. There are certain costs that can't be covered by a debt management plan but must be paid every month in order to avoid further financial difficulties or court action. A good management plan will take these into consideration when creating your debt management arrangement.
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As part of a debt advice meeting you will also be asked about any money which you may be owed.
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Your debt advice program will work with you to create a debt repayment plan. They will contact your creditors to agree to a settlement plan and as you agree to make a single monthly repayment, it is the debt advice company that will be responsible for making payments to the companies that you owe money to.
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When you're in debt and being hounded by creditors' phone calls and letters, often packed with threats of legal action, one of the biggest concerns is how you will make the repayments and become debt free in the future. With sound debt advice you will be given a date where you will become debt free and this can release a major burden on you and even your family.
Source: http://debt-management.ezinemark.com/seeking-debt-advice-7d36755761b4.html
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