Reducing Debt Payments to Make Debt More Manageable
Collection agencies are bad news to people who owe money so it is important to find a way in reducing debt payments so you can still live reasonably
. These agencies are often bottom-feeders with no compunction about threatening you or insinuating that you could be thrown in jail or have your house seized for non-payment. Why put up with that type of abuse? It is important to try and work with your creditors before they sell your overdue accounts to collection agencies.
Can You Do It on your Own?
Yes, you can lower debt payments on your own but it will take a lot of time and effort as well as a strong constitution to put up with your creditors. Do you have several hours in a day to devote to calling your creditors and being put on hold? Are you willing to compose letters outlining your budget and payment plan to send to creditors over and over until they capitulate? If you are easily stressed by financial difficulties, it is likely well worth the effort to research a reputable debt management company to help you with negotiations as well as a creation of a workable repayment plan. Peace of mind is well worth the price of any possible administrative fees involved.
Don't Fall for Big Promises
A legitimate debt company that helps consumers like you will not promise guaranteed interest reduction or a stop to all collector calls. They will be up front in the fact that negotiated payment plans with creditors may take a bit longer than normal, resulting in extra interest payments. In order to come to agreements with the creditors to reduce monthly payments, the payment schedule may be extended. This is quite normal.
Of course, it is quite possible that a debt management company will have existing relationships with many of your creditors and can work a payment plan with a reduced interest rate so you can pay off the debt faster. The basic rule of thumb is to not fall for any schemes which will end up with you in more debt than ever. There are fly-by-night debt companies that offer the moon, only to collect administrative fees and a percentage of your first debt repayment, before closing up shop as fast as they had opened.
In many cases, a good debt counsellor may serve as a type of mediator between you and your creditors, acting on your behalf. They will have examined your finances and current debt load to determine what you can afford in payments each month before corresponding with your creditors to create a workable solution for all parties. Whether it is debt consolidation, bankruptcy, debt management or individual voluntary arrangements (IVAs), reducing debt payments is possible.
Reducing Debt Payments to Make Debt More Manageable
By: Chris Jenkinson
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