There are a number
of things people should look for in a good debt consolidation programme.
Not all of these will be suitable for everyone, but at least the option
should be there, if needed by the particular customer, and any decent
debt consolidation company should be able to offer all of them.
A good debt consolidation
programme should stop your creditors from contacting you. Under the
law they are not allowed to harass you or contact you in any way once
you go for an IVA (individual voluntary arrangement). The day after
your IVA is signed, you can sue them even if they phone you accidentally.
A good consolidation program should make this easy and automatic. Debt
collectors are known to be quite ruthless at times and they are very
fond of giving the impression that they are able to do much more than
the law actually allows them to do. Your counsellor should be able to
make any debt collectors quite aware of the consequences they face if
they try to contact you again
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have a super-quick and highly professional debt consolidation service.
A qualified Insolvency Practitioner will be personally assigned to you
and you will get a telephone call back from him or her very quickly
(or whenever you specify on the online form).
a good debt
consolidation programme should be able to reduce the amount of the
debt from the start. This should take place immediately. The debt consultant
- or insolvency practitioner, as they are sometimes known - should be
a good negotiator above all else. They should be able to negotiate at
least 60 percent of the debt away, perhaps as much as 70 percent. A
good debt consolidation program should be run by an experienced negotiator
who has a track record of being able to negotiate well with creditors.
Imagine having 60 or 70 percent of your debt written off right at the
beginning, before you even start making any payments!
Thirdly, a good
debt consolidation program should be able to reduce the interest payments
to 0. Or at least a very small figure. When you are paying off debts
the last thing you need is an interest rate to battle against.
Fourthly, a good
debt consolidation program should be able to draw up a proper set of
accounts involving income and expenditure. Only after this has been
done will you be able to calculate how much you will be comfortable
paying off each month. If you cannot afford a reasonable figure then
what's the point?
See to it that your
chosen debt consolidation program can do all these things before you
sign anything. You owe it to yourself and your future; and if you make
the right decision you can look forward to being amazed by the results.
Now go back
up to the application form and change your life today!
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a look at the Insolvency Service's leaflet called 'In Debt',
Program is an independent webpage service providing a no-obligation
debt consolidation service for U.K. residents.
U.S. residents click here to
visit our associates across the pond.