Debt Assist

If you are one of the people who need assistance with how to deal with your loan and credit card repayments and still have money to live, then you should consider professional help.  It is possible for you to try and sort out the debt problem you have yourself, however working with a person who knows the law and how to approach your creditors professionally will be your best option.

The options that are available to you to manage your credit card, personal loan, mortgage and any other debt include debt consolidation, debt agreements, mortgage refinancing and debt negotiation.  If all else fails, you could opt for bankruptcy, but this should be your last resort.  The consequences of bankruptcy will have an adverse effect on your life.

Debt consolidation is the process where you combine unsecured debts like personal loans and credit or store card debt into a single loan with a single periodic repayment.  The advantages of debt consolidation are that you will have one loan with one repayment which makes paperwork and administration simpler.  You only need to deal with a single creditor. 

The repayment amounts on debt consolidation loans are normally lower because the interest charge on the loan is lower.  This means that you will have a monthly saving which can be used for other living expenses.

With mortgage refinancing you will be able to combine all your other debts like unsecured loans and debts, and credit or store cards into your mortgage loan.  The benefits in this case are similar to obtaining a single low interest loan.

You could try to negotiate with your creditors in an attempt to come to an agreement regarding the repayment amount and period.  If you wish to do this, it will be far more beneficial to consider appointing a professional to negotiate on your behalf.  Creditors generally prefer to deal with a third party as they feel that for you to have appointed a professional, you must be serious about the negotiations.  Another fact to consider when using professional debt management is that they are experienced in the methods and tactics which can be used for successful negotiation. 

A debt agreement is an agreed proposal between your creditors and you regarding the terms of your debts.  To arrange for this method of debt easing, you will need to work with a debt agreement administrator.  This method has the advantage of being able to save you a considerable amount due to the negotiation in respect of interest rates and repayment terms. If you need help with debt assistance give us, Declare Bankruptcy a call on 02 9631 2223 we will tailor a solution to your problem.