subject: Getting Help To Get Out Of Debt Quick [print this page] There is no sure-fire 'get out of debt quick' scheme that you can undertake to get rid of all your debt problems. The truth is that if you are struggling with enormous debts, then the process to get rid of them could be very slow and often very tedious. The thing to keep in mind is that there is absolutely no use in falling in despair; keep your chin up because there are plenty of professional independent bodies out there that will give you free and impartial advice based on your circumstances and may even provide free debt specialist services to help you on your way.
As opposed to anything else, to get out of debt quick, consider making informal arrangements with all your different creditors to repay their loans over an agreed upon period of time with an agreed upon fixed monthly sum. While it doesn't actually erase all your debt overnight, it does give you a lot of peace of mind. You can also think about the option of getting into contact with debt management companies. The function of such organizations is to arrange to talk to your creditors on your behalf and reduce as much as possible the overall loans that you have to repay.
If negotiations work out, then you give your particular debt management company one sum of money which is in turn divided up between your different creditors. In the majority of cases, debt management companies tend to charge fees for their services and this is obviously something to be considered before you ask for their help. If you find that you can't afford to pay their fees, then look for help from debt counseling firms that will take up your case for free. Another option for you is the individual voluntary agreement, more commonly referred to as an IVA.
This is done with the help of a debt specialist and in a nutshell, it means that an agreement is settled upon between your creditors and you to either pay all or some of the debt that you owe. The debt specialist will make sure that affordable monthly payments are set up for you and that all interests and related charges are no longer applicable to you either. Plus, once you enter into an IVA then your creditors can't take any action against you. It should be understood though that usually companies will charge you for the IVA they set up for you and that you cannot get out of paying that fee. You should also be aware of the fact that getting an IVA affects your credit rating negatively which in turn means that you would possibly face enormous difficulty in getting credit cards or bank accounts. IVAs should never be taken lightly so be sure about whether this is something that you really want.
There are other steps that a person can take but there is literally no way to get out of debt quick. It takes a lot of patience and strong will to be able to get through such circumstances but perseverance and not giving up is the answer.
by: Robert Fogarty
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