Here is something you were not expecting to hear, you should not solely trust what we have to say or what any other debt adviser has to say. We doubt you will get that level of honesty from any other website.
As You Can See We Will Tell You the Truth
When companies, including charities, bring in money from selling or providing debt relief products or services there is an inherent bias as to which solution is best to deal with your debt problem. It’s natural, unconscious, or deliberate, but you need to be aware it occurs.
Your advisers here have been providing debt help around the world for decades. We know what we are talking about but we consider your situation from a larger point of view.
Debt is Not the Problem. It is the Symptom.
The debt you are struggling with is the byproduct of something else. That might be job loss, divorce, illness, natural disaster, pandemic, addiction, or one of a nearly unlimited list of issues.
That “thing” caused an increase in expenses, a reduction in income, or both. As a result, you started to build up money and obligations owed to others. Fundamentally, that’s what debt is.
Debt is complicated.
Dealing with your debt by just trying to apply a solution like an IVA, DMP, or bankruptcy is an incomplete solution. It is our opinion that a good debt adviser:
- needs to consider your current situation;
- investigate the factors that led you to this situation;
- talk to you about what you plan is for your financial future; and
- then collaborate with you to build a roadmap and solution on how to get there.
You Should Not Trust Anyone But Yourself
If a company earns money by selling some sort of debt relief product, they are motivated to sell you that product. The adviser you might talk to there might be paid a bonus by making the sale. As a result, the benefits of that companies solutions might wind up sounding magical. Sometimes that is an effort to make the sale. Sometimes that is a blind belief in the company that employs them.
If you talk to a company that is pushing an Individual Voluntary Arrangement as a solution, also talk to a company that primarily offers a Debt Management Plan. You should also speak with someone qualified to give you advice about bankruptcy.
People avoid bankruptcy out of fear rather than considering it as a viable, reasonable, and responsible action.
The advice given on this site is limited based on the information provided when the question is asked. But we don’t sell any products, solutions, or services. We have nothing to push you towards, other than helping you to get pointed in the right direction for a better life ahead.
After reading all of that, we would love to help by answering any question you might have about getting out of debt in the UK. Click here to ask for our free help.