If you have bad debt, you should definitely get debt advice about the best way to solve your problem and the sooner the better. However, if you get bad advice, your debt problems could get a lot worse, take longer to solve and even land you in legal trouble. So, although getting debt advice is very important in clearing away those bad debts, getting bad debt advice can make the situation a lot worse.
Before signing up to anything, Debtsolver would always recommend that you read all of the small print carefully and get as much debt advice as possible. There more you find out, the better position you’ll be in as it will be more difficult for unscrupulous salesmen to dupe you into taking advice that isn’t right for someone in your situation. Essentially, the better informed you are, the more difficult it’ll be to sell you debt solutions that will just cost you money and get you nowhere. Here are some other points to consider when shopping around for debt advice.
Reduced monthly repayments can be great, giving you a bit of breathing space at the end of each month and a more manageable budget. However, if you must consider that the repayment period will be longer. A reputable advisor will talk you through this and other concerns before helping you to make a decision.
Likewise, a reputable advisor will talk to you about options and differing scenarios because they’ll know that everyone faces different financial circumstances. So, if they are giving you exact timescales and concrete repayment amounts, they are not tailoring a debt solution to suit you. It’s all about finding a debt solution that is right for you.
There are debt solutions that can leave a lasting mark on your credit history and those that will severely limit your ability to secure credit, especially mortgages. Reputable advisors will be able to guide you through this and make suggestions about the best ways to manage the situation and safeguard your credit rating. This is debt advice that the dodgy debt advisors will probably won’t give you.