Saturday, February 28, 2009
Multiple debt
It is my faith that if you have multiple debt problem, then talking with debt collection agents isn't the solution to your issues. Some folk will without doubt think this advice is incorrect or irresponsible so I'm going to explain why I assert it.
If you have reached a debt crisis situation you want a debt solution that:. One.
Pays your creditors what you are able to afford AFTER paying all your necessary bills like mortgage / hire / food etc.. 2.
Allots the cash that you have available reasonably between all of you unsecured creditors.. Most agents working in collection don't care about the above points. The only objective is to encourage ( and that sure is a polite term ) you to part with as much money as feasible. It is typically no concern to them if you or your folks go hungry because you've paid money to your creditors. They'll also not care if you miss or cut back your home loan payment for the same reason, pushing you down the line to re-possession / foreclosure.. It wouldn't be fair to proffer that debt collection agents should be considering your other debt, if you have multiple liabilities they are in competition for your limited cash with other commercial banks. However their wish to increase the share that their company is getting will generally create plenty of pointless ( from the debtors standpoint ) pressure.. The best idea is to get independent recommendation on your debt situation from somebody that may also represent you to your creditors. If you do not desire to do that then you can come to an informal agreement with your creditors by preparing your monthly budget, and allotting the surplus earnings reasonably between your creditors. Update your creditors each few months or earlier if there are any heavy changes and you'll be satisfying all your requirements to your creditors without ever needing to communicate to possibly threatening debt collection agents.
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