subject: 10 Very Simple Debt Solutions … Must Read [print this page] Most people face debt issues due to financial problems. Whatever might be the cause of the debt, it is essential to recognize quickly what is happening, so that a practical solution or solutions can be implemented to overcome a financial meltdown.
Debt is unmanageable for many people. However, with some planning and credit advice, anyone can easily handle their debt issues. What the debtors need is a viable debt solution that is suited for each individual's circumstance.
Debt solutions are generally of two types: informal and formal debt solutions. Informal debt solution is the action that a person takes to solve his debt issues on a very personal level. Such debt solutions do not come under legislative control. On the contrary, formal debt solutions are actions and procedures well defined by specific laws.
Given below are ten simple debt solution options available for a debtor. With some professional help, you can choose the debt solution that works for you.
1.Negotiate with creditors This is an informal method. The debtor talks to the creditor directly to rearrange the payment. This could be done personally or with the help of a professional who can negotiate with the creditor on your behalf to extend the payment period, restructure the payment, forego or reduce interest, or write off a part of the debt.
2.Liquidate Assets You can convert your assets into cash to pay off your debts. If you have property like land, vehicles, jewelry, household items, etc. you can sell them to escape from collection distress or bankruptcy.
3.Declaration of Intention to Present a Debtor's Petition - A declaration of intention to present a debtor's petition is lodged for a week's period. This will stop the unsecured creditors from garnishing your wages and/or the sheriff or bailiff from selling your assets. You can negotiate with your creditors within this time period. However, this cannot stop secured creditors relying on their security.
4.Debt Agreement The creditors agrees to receive an amount to settle the debt. The money is paid in installments for a fixed time period.
5.Personal Insolvency Agreement (PIA) It can help the debtors to settle their unsecured debts. The debtor reaches an agreement with the creditor to make payments in the form of lump sum payment, installment payment, or transfer of assets or payment of sales proceeds of assets to the creditors.
6.Voluntary Bankruptcy The debtor can file for voluntary bankruptcy. During this period, a trustee will sell the assets of the debtor and give the money to the creditor.
7.Debt Consolidation You can transfer your numerous debts to one low-interest loan so that you need to repay only one loan.
8.Credit Counseling Hire the services of credit counseling agencies to manage your debts. They prepare plans to pay off the debts. The agency manages the payment schedule.
9.Credit Repair Service - Credit repair process helps to revise the spending habits, work towards eliminating the outstanding debts, and thereby improve the credit rating. You can hire a professional credit repair service to help you in this.
10.Self-management The debtor can come up with his own plan to reduce expenses and increase income to pay off the debts.
We hope that this article has answered some of your questions or concerns that you might have regarding debt issues due to financial problems.
The information in this article is correct as at the date of writing and should be relied upon as a guide only. Always seek professional advice before taking any further action.
10 Very Simple Debt Solutions Must Read
By: Andrew Wily
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