OK, you are in a bet of a mess; your debt is spiralling out of control; you are struggling to sleep at night and you are feeling a sense of guilt. You feel depressed, angry at yourself and that you have let everybody down. Does the above sound familiar? Many many people are in a similar situation and therefore you should not feel like you are alone. In reality there is no time for fear as it is action that is now required.
Now before you continue to read this article I would like to point out that I am not a financial adviser and that what I write in this article should not been as “financial advice”. It is always worth seeking the advice of a debt specialist before proceeding or making a decision etc. I am actually a person that works on various projects including helping people to learn how to play the guitar and offering people cheap calls.
Not everyone has access to a debt management specialist therefore we have to think about more realistic action to reduce our debts.
What we need of course is a solution to our debt problem. To start with we need to seek help and in the majority of cases the best people to help us are our close family and friends. It will be hard to come clean to your loved ones however you will need their support to find the way to a debt free life.
Once the above task has successfully been completed we can then move on to step two. It is usually the additional interest that is charged on top of the debt that is what causes most people to struggle with the repayments and then before they know it they are in too deep with no possibility of a way out. The fact that we are in the middle of a recession and a credit crunch could now work in our favour – as strange as this may seem.
The lenders are now writing off thousands of pounds worth of debt each and every day. These companies are eager to recoup some of their money and are very much in need of real cash during these harsh business conditions. Contact each of the creditors and request that they freeze the interest payable, tell them what you can afford to pay and state that you do want to somehow pay the debt off. You should confirm your annual earnings by enclosing a copy of your payslip. Also inform them of all of the other company’s you owe money to as well as stating the total amount you are able to afford on a monthly basis.
I believe that many of the lenders will write back to you with a positive response.
There are always alternatives of course including going for an adverse credit loan however these are not a solution to becoming debt free.
Another alternative is to formulate a business cost reduction strategy; you can do this with the aid of a cost cutting specialist. This is where you obtain lower prices for things such as your telephone calls, electricity bills and even cleaning.
I wish you every success in your quest to become free from debt.