Debt Advice – The Best Things In Life Are Free
Flip through the newspapers and there are hundreds of ads for loans and debt advice. Look through your inbox and you will find emails from potential lenders making you unbelievable promises to resolve your money worries. These companies will provide you with inaccurate advice, false expectations and, to top it off - a large bill! Take note that if any companies are advertising heavily, they will recoup their losses by overcharging for their services. Do not be lead into the notion that paying highly for a service means that you will receive better results!
If you are experiencing financial difficulties, there is light at the end of the tunnel but you have to separate the wheat from the chaff when seeking professional debt advice.
There are thousands of organisations offering debt advice but it is always better to seek free advice. Having said this, there may be a slight waiting time for a free service as these organisations are in big demand and you may have to wait up to two weeks for an appointment. If your worries are urgent or are causing you a considerable amount of stress, you could be tempted to pay for immediate help. A debt management company will take all of the worry out of your hands and pay off all of your creditors for you but there is a fee involved. If you are able to manage your own finances, then one of the free services will guide you every step of the way. It will take longer to resolve your debt problems if you work independently but you will not incur any extra monthly charges from someone managing your debts for you.
Debt management companies who charge fees for assisting people with debt problems are being monitored by the Office of Fair Trading. They are checking that these companies adhere to the law and do not mislead people. Many debt advisors will ask for regular monthly payments from which they deduct their fees and distribute the remainder amongst your creditors. There are concerns that some of these companies are keeping their clients money in the bank longer than necessary as a means of accruing interest.
If you are looking for a debt management company that is reputable, select from a list compiled by the Debt Manager Standards Association who offer an extensive range of companies who abide to the Office of Fair Trading code.
Debt Advice News posted on 30/05/2007 14:53:39
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