Now that we all live in the ‘information age’, getting good impartial debt advice ought to be really straight forward.
Especially with the expansion of the Internet, finding information about debt help has indeed never been easier.
However, it is extremely difficult to make sure you are getting the correct information through the internet, making it even more important to double check you are acting on good, sound and practical advice.
So My IVA Adviser have put together a ‘Debt Advice’ guide to help you sort out the good debt advice from the bad.
We suggest you should follow these pointers, and the advice you receive should see you right.
1. Be comfortable with the adviser that you speak to.
You ought to be able to discuss any aspect of your financial, and sometimes personal, circumstances with them. Your adviser should have a good working knowledge of the different debt solutions listed below:and be able to use their experience to emphasize the fundamental differences between each solution, whilst listing the pros and cons of each solution having applied the solution to your individual circumstances. Only with this level of advice can you expect to be able to better your financial position.
2. Don’t use a company that insists on charging upfront fees..
There are specialist debt advice companies like My IVA Adviser that do this work for free without charging anything. You should be wary of having to financially commit yourself to a company before they offer you any help. Companies like this can often be found wanting when they actually start work, and they need you to be committed to deter you from changing your mind.
3. Be sure that the advice company your using has carried out a thorough analysis of your circumstances.
To be able to advise you on which action you should take it is essential that they really understand your true situation - right now. Be wary of short discussions followed by big welcome packs. They are designed to test your resolve as a potential client. The adviser should be prepared to go through your circumstances with you, otherwise how else can they know how to deal with your particular debt problem.
4. Be sure the adviser talks through all your alternatives.
As before, this could include Bankruptcy, a Debt management programme, an IVA, a Consolidation Loan or if you have a property with equity, a re-mortgage. But be wary of an adviser that seems to have made up his mind as to what is best for you before he has discussed each option with you. Remember, the decision you eventually make is your decision, and yours alone - so don’t be pressured by the adviser into what they want.
5. Don’t be persuaded by companies offering you unrealistic repayments schedules on your debts.
Using a debt management plan you will have to repay your debts in full, and the time scales which determine how long it will be before you are debt free will depend on the size of your monthly repayment. If your payments are set at a low figure, your repayments will last longer, if you repay more each month, the time scale will reduce, but remember, you should only payback what you can afford each month, no more, no less.
6. Let your instincts guide your decision.
Don’t feel that any one company holds the monopoly on being able to help you. If you feel that a company is offering something to good to be true, ask them some testing questions and gauge the advisers response. Don’t forget, if you are in any doubt get a second opinion. Call 0800 880 7503 and ask us what we think, or you could try us first!
What ever course of action you take, remember, these are your creditors, so pay attention to their reaction. Make sure they are ‘on board’ with your repayment plan and keep them informed if your circumstances change, either for better or worse.
If you follow these useful tips, we believe you will dramatically reduce your chances of receiving bad financial advice.
Remember, My IVA Adviser deal with all types of financial problems and their associated solutions. You are welcome to call for a chat about your personal situation for free on 0800 088 7503 anytime.
Take this link if you would like to ask ‘The Debt Calculator’ which solution would be most suitable for you. This powerful calculator has the ability to assess your financial position and indicate which options are available to you.
Related Articles: